Vunderkind
Social Member
The Petroleum Products Pricing Regulatory Agency, PPPRA stated that the N87 per litre price of petrol was arrived at based on the components of the existing petroleum products pricing template.
Based on the landing cost of N74.35 per liter of PMS as at the close of business on Friday 16 January 2014, the executive secreary of the PPPRA said that adding the distribution margin of N15.49 per litre would bring the open market price (or pump price) to N89.84 per litre.
This figure, of course, is more than N87 by N2.84. N87 was the price approved by the FG and announced by Diezani Alison-Madueke, Nigeria's Minister of Petroleum Resources on Sunday.
According to Mr Farouk Ahmed, the executive secretary, this means the FG would be subsidizing petrol by N2.84 at the new price.
He has urged petroleum marketers to adhere to the new price regime.
Based on the landing cost of N74.35 per liter of PMS as at the close of business on Friday 16 January 2014, the executive secreary of the PPPRA said that adding the distribution margin of N15.49 per litre would bring the open market price (or pump price) to N89.84 per litre.
This figure, of course, is more than N87 by N2.84. N87 was the price approved by the FG and announced by Diezani Alison-Madueke, Nigeria's Minister of Petroleum Resources on Sunday.
According to Mr Farouk Ahmed, the executive secretary, this means the FG would be subsidizing petrol by N2.84 at the new price.
He has urged petroleum marketers to adhere to the new price regime.