Petrol Pump Price Now N65 Per Litre. - Politics - Nairaland
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| Petrol Pump Price Now N65 Per Litre. by yungwun(m): 2:19pm On Jan 23, 2009 |
[font=Lucida Sans Unicode][size=8pt][b][color=#000099][font=Lucida Sans Unicode][size=8pt]I don't know if this is as a result of the reduced global price for oil. I don't know how much a barrel of oil is at this time, but I know it was $43.67, 17 hours ago. If the price of a barrel of oil increases, maybe up to what it was in July 2008; $147, will the pump price of petrol go up again? The article below was culled from today's issue of the Sunday Sun. [size=8pt][size=8pt][b] Against the backdrop of the sliding prices of crude and refined petroleum products at the global market, the Federal Government yesterday announced a reduction in the pump price of Premium Motor Spirit (PMS). It is now to sell at N65 as against N70. A statement issued by Mr. Yusuf Mu’azu, said the Petroleum Products Pricing Regulatory Agency (PPPRA) “decided to substitute the fixed price with a recommended price in order to pass on the benefit of this drop in price to the Nigerian public.” The full text of the statement of the PPRA management reads: “Following the downward trend in the prices of crude and refined petroleum products at the international market, a development that has brought the open market pump price of Premium Motor Spirit (PMS) below the current price of N70.00k, the Petroleum Products Pricing Regulatory Agency (PPPRA), in line with its statutory mandate, has decided to substitute the fixed price with a recommended price in order to pass on the benefit of this drop in price to the Nigerian public. In this regard, it is recommended that all petroleum marketers take a cue on the open market reference price level for petrol – the average for the one-month period specified - from the PPPRA’s posted price on its website or as published in the national dailies. Based on current market fundamentals, the indicative open market pump price of petrol for the month of January is N65.00k. All petroleum marketers are enjoined to comply with this price immediately. The PPPRA, using its automatic price adjustment mechanism, shall be posting on its website, as well as announcing and publishing in the media the indicative price of petrol on monthly basis. The PPPRA will continue to liaise with the Department of Petroleum Resources (DPR) to ensure that petroleum marketers do not engage in profiteering by selling above the upper limit of the open market price monitored by the Agency.” [/b][/size][/font] |
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