The Minister of State for Petroleum, Dr. Ibe Kachikwu says the NNPC will announce a pump price of 85 naira per litre of petrol in January 2016.

Dr. Kachikwu said that the new pump price is according to a PPPRA template which he signed off on Wednesday which will be the first reflection of the price modulation that will kick off fully in the petroleum sector by January 2016.

Dr. Kachikwu, who took a tour of the refineries in Port Harcourt on Christmas Day, said that the price modulation is to help ensure the fluctuation of prices to reflect the realities of the crude oil market.

He, however, said that all efforts were being made to get the refineries to start up to 60% production also in January that will supply about 11 million litres of petrol daily.

“If you look at the new PPPRA template that we developed and which I just signed off two days ago, when it is announced you will find out that for now (and I use the emphatic word of the President ‘for now’), the price of the refined product will actually be lower than 87 naira, It will be 85. We will probably announce that in January if the prices hold.

“What that does for you is that its modulating. If it goes up you move up, if it comes down you come down. So we take away the fact of having to go find funds to pay for these subsidies that we cannot afford.

“More importantly we try to be as close to the pump price that we have now as possible,” he said.

http://www.channelstv.com/2015/12/25/nnpc-to-announce-85-naira-fuel-pump-price-in-january/?utm_source=&utm_medium=twitter

Good news!

lalasticlala compliments of the season.

Yaradua made petrol to be 65naira, buhari can do better

FRAUD! tired of all this news, wann see dem happening.
Tired of d sermon, as if we voted for pastors

A good development. However, the FG should first look for a way to solve the issue of fuel scarcity. May God bless Nigeria.

I hope the queue at the fuel stations will not double and require us to keep vigil in other to buy fuel

Cutehector:
Why is it only petrol dah the government will be subsidizing...

Perhaps you have not also heard that Faculty of Education and Science Courses will now be free... ho, you never hear? OK

Good

mbhs139:


Perhaps you have not also heard that Faculty of Education and Science Courses will now be free... ho, you never hear? OK

i heard dat... U should apply

Change is indeed here. Embrace it.

mbhs139:


Perhaps you have not also heard that Faculty of Education and Science Courses will now be free... ho, you never hear? OK

Like he heard of 1 naira = 1 dollar, like he heard that fuel price will b stabilized, like he heard that boko haram will be defeated in 2 months, like he heard that countless number of job will be created within some few months, like he heard of constant electricity supply. You mean like am the youths are still waiting for their 5k.

Pls don't blame him if he refuse to hear such again.

Good

I believe that reduction is still too little. By the time full deregulation is applied, months down the line, it will most likely be cheaper than that.

Thot its supposed to be 40naira? What's the difference between 87 and 85. The should focus on eliminating these massive queues. hypocrites in power.

makzeze:
So we take away the fact of having to go find funds to pay for these subsidies that we cannot afford.

Bye to subsidy.

Ijaya123:
I believe that reduction is still too little. By the time full regulation is applied, months down the line, it will most likely be cheaper than that.

There's the exchange rate differential which largely eroded the gains of low crude price.

Scam APC! All of a sudden subsidy exists...

Reduce it first then I will believe u

When a barrel of crude oil was sold above $125, a liter of petrol was sold for 97/liter. The same barrel of crude oil is currently been sold below $40. Common logic and sense dictates that a liter of petrol should NEVER BE sold above 60/liter even if all the so called 'fraud ' subsidies are removed. This is one the CHANGES will yearn for since May 29th 2015.

It's only in this big mouthed govt that things are super-announced like it is really news. I'm surprised that people are reacting positively to this rubbish. As far as I am concerned, it is seeing is believing as car as this current govt is concerned. To pay salary, they will announce....ordinary salary oh which is not infrastructure. They have announced this one, let's see the implementation. Abeg make una give me break. Is crude not below $50? Going by their style of criticism, petrol should also sell below that

Not bad,but I expect the price to be like #60 per litre in an oil producing country like this..

GODWIN!

How many filling stations are even selling at 87 as of now? Rubbish

kITATITA:

There's the exchange rate differential which largely eroded the gains of low crude price.

Understood

Nice move