The Federal Government, yesterday, stated that effective January 1,
2016, Premium Motor Spirit, otherwise known as petrol, would be sold at
N86 per litre by the Nigerian National Petroleum Corporation, NNPC
Retail stations, while other oil marketers would sell at N86.50 per
litre.
On the review of the price of petrol, Ahmed said the reduction in the
price of the commodity was due to an implementation of the revised
components of the Petroleum Products Pricing Template for PMS and
household kerosene.
According him, the revised template, which would be reviewed on
quarterly basis and which would soon be presented to oil marketers, is
geared towards ensuring an efficient and market-driven price that would
reflect current realities.
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