Okechukwu Nnodim, Abuja

The Federal Government may reduce the pump price of petrol to N85 per litre from January 1, 2016.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, made this disclosure to journalists at the Port Harcourt Refining Company, Rivers State, after inspecting the plant.

Asked when the Federal Government would release the new petrol price template prepared by the Petroleum Product Pricing Regulation Agency, Kachikwu said that he approved the new price for the agency on Thursday.

Pressed to reveal when the new price would become effective, Kachikwu, said “like I said, we have done a modulation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January 2016 is when we are looking at.”

He said the new price would be below the current N87 per litre and it would now convince Nigerians that the pricing modulation that the Federal Government promised to embark on a few days ago was not a trick.

He said, “It (the template) is out, I signed off on it yesterday (Thursday). I imagined that in the next couple of days the marketers would get advice on that. The nice thing about the PPPRA, where I signed up on it yesterday is that the price will be far below N87. So for the first time people will understand that the pricing modulation I was talking about is not a gimmick. It is for real.

“We have gone to find out how we will be able fluctuate this market to reflect what the reality of crude market is. The objective is that one, we cannot afford to continue to subsidise. We can’t even understand where those subsidies were going to. There are a lot of fraud elements in it so we need to cut that of.”

He stated that from the applicable market realities for the pricing modulation, government discovered that petrol would sell for either N85 or N86 per litre.

Kachikwu said, “But in applying that where we landed when we did the analysis for the very first time was about N85 or N86, so it is below N87. And maybe the first price that will come will reflect it. That was why Mr. President said that the price will be N87 for now. And that is what we have in mind.”

He said the new price would be below the current N87 per litre and it would now convince Nigerians that the pricing modulation that the Federal Government promised to embark on a few days ago was not a trick.

Agimor:
How much was patrol under Jona? And how much it's been purported under Buhari in between lies the answer.

mars123:
good one...government wey go achieve big things, na once ppl dey know

suxkill:
Op,source!




Meanwhile the petroleum minister of this country is a disgrace.

OLADD:


Bros don't fall my hand now. Read though before asking for source. Xmas frenzy at play?

Bevista:
Good development.
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Unfortunately, the PPPRA template is never fully understood. With oil price as low as $38 and with Naira still exchanging @ N197/$, it is difficult to understand why petrol should not be selling below N70 without subsidy.
---
Those who understand better can shed more light on the subject.

EternalTruths:
Where is Prof Tam David West who during Jonathan's era said that petrol should not sell above #40 per litre.

Why is he quiet.?

I hope he has not eaten Cocoa yam abi na Yam.?


Come out and explain to us oooooo

OLADD:
The NNPC through its newly adopted Price Modulation Policy has announced the pegging of Petroleum Motor Spirit (Petrol) price between N85 and N86. When the news broke on AIT today, my first instinct was to invoke the Spirit of Amadioha on those who scammed Nigerians with Change Mantra but having quickly realised today is Xmas I cannot but say one or two prayers for Nigeria.
Just three days ago, the President informed the nation that he had directed the PPPRA to fix the Petrol price at N87 "for now". Two days later the tune has changed courtesy of NNPC. The question is: what suddenly transpired between when the president addressed the National Assembly and today? Is the NNPC and the presidency working at crossroad? Is the President in total control of his govt?
Remember that one of the chief campaigners for Buhari, Prof Tam David West had told all of us that Petrol should not sell above N40. It was on that hoax among others that 15million Nigerians decided to vote for APC. Nigerians, enjoy your N2 change on PMS price!

http://thesummary.com.ng/index.php/news-categories/national/item/5115-breaking-news-fg-reduces-price-of-petrol-to-85-86-naira-per-litre

AceJam:
GBAM!
Pa Tam David west has gone deaf and dumb.

jusRadical:
This is no good news.

Gej (the supposedly corrupt president and the cause of all problems in Nigeria) made it N87 when the price of crude oil came down to around $67 per barrel. Now crude oil is around $35 per barrel and and pmb (the apc's messiah, saint, saviour, 'god', etc) is talking of N85 per lit of pms (if the info is true) and some people are rejoicing.


I am sorry for this company. oh sorry, country.

EternalTruths:
Where is Prof Tam David West who during Jonathan's era said that petrol should not sell above #40 per litre.

Why is he quiet.?

I hope he has not eaten Cocoa yam abi na Yam.?


Come out and explain to us oooooo

Firefire:


The Yeye goat has lost his voice.

APC, party of professional liars and career propagandist.

EternalTruths:


The old man should be flogged

Firefire:


The Yeye goat has lost his voice.

APC, party of professional liars and career propagandist.