The Federal Government on Saturday restarted the payment of subsidy on petrol as it subsidised the commodity by N5.84 for every litre ...
The Federal Government on Saturday restarted the payment of subsidy on
petrol as it subsidised the commodity by N5.84 for every litre of
premium motor spirit consumed in Nigeria.
It would be recalled that subsidy on petrol was stopped in January after the review of the pricing template of the product by the government.
It was also announced that the current
official pump prices of petrol would remain at N86 per
litre when
purchased at filling stations run by the Nigerian National Petroleum
Corporation and N86.5 per litre when sold at outlets operated by other
oil marketers.
Speaking on the retained pump price of petrol,
the Acting Executive Secretary, PPPRA, Mrs. Sotonye Iyoyo, said, “The
agency is retaining the retail prices of N86.00 for the NNPC, and N86.50
for the other marketing companies. The pump price of household kerosene
also remains unchanged from what it was in the last quarter.
“Therefore, marketers are advised to
ensure that there is no price distortion in their respective retail
outlets. PPPRA, however, shall continue to monitor the global oil market
performances, and come up, at appropriate time, with reasonable changes
consistent with the newly-adopted price modulation principles.”
On news making the rounds that the
agency was planning to increase the petrol price, Iyoyo urged members of
the public to ignore such rumour, as prevailing market indicators do
not support such.
The government further said petrol scarcity would end in a few days, but did not give a specific day or date.
The PPPRA also stated that it had released the second quarter allocations
for the supply of petrol, based on the approval of the Minister of State
for Petroleum Resources, Dr. Ibe Kachikwu.
