Press Release: PPPRA Second Quarter Price
Modulation


Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian Consumers, Marketers and the Economy.

In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby
announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

This review became imperative in the face of extreme difficulties faced by Petroleum Product Importers in sourcing foreign exchange. To meet the consumption
demand of the Nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all Citizens.


Signed:
Sotonye E. Iyoyo
Ag. Executive Secretary
May 11, 2016

Source: http://pppra.gov.ng/pppra-second-quarter-price-modulation/

Read more on : http://olumoonline.com/2016/05/11/nnpc-to-sell-fuel-below-n145-pppra-releases-official-statement/

Craze country

hmmm

Anyway am not expecting anything gud from APC Govt

This is crazying....
2012 when Gej wanted to remove it the same people today used there Zombies to fight him..

I wanna give up on Nigeria

APC is the biggest scam in the history of Nigeria .

But where is lalasticlala sef...


Day don break for PPPRA oh -/amazing decision.

I don't support its removal even though I know it's the right thing.. GEJ saw the massive looting through subsidy and decided to remove it in 2012, But Baba Tinubu and his APC Zombies protested at Ojota and other states in Nigeria....

GEJ We Miss you

Any other Candidate aside GEJ in 2019 remains an exercise in futility PDP take Note.

Eboski:
This is crazying....
2012 when Gej wanted to remove it the same people today used there Zombies to fight him..

What GEJ could not do someone else has done it. So, what next?

Who did Nigerians offend.

5 seed of tomatoes N400
Fuel now N145
One congo of rice N500


All these things on top . N18,000

God please we need you.

I thought they said that there was no subsidy.... that fuel should be sold for #40 ... Please somebody should please answer

well I am speechless. if d fuel will b available, no problem.wat am I saying self,Ogun kill buhari,thunder fire him left yansh

The price of petrol cannot reduce! Here's why:

1. Marketers will source their own dollars: Petroleum Minister of State Ibe Kachikwu announced that Marketers will have to source their own dollars to buy PMS. i.e. Dollars will not be sold to them at CBN rate of N200. Nairaland's daily update of exchange rates lets us know that $1 trades for upwards of N300. For those who don't know, PMS is traded internationally in US Dollars. This means Petrol Marketers will have to spend Dollars to buy this product from traders/refineries abroad, and then come and sell in Naira. Having bought Dollars for N300, will they come back and make a loss? You guess is as good as mine.

2. No matter the price of a barrel of oil, the price remains the same: Despite the rise and falls of crude oil prices from time immemorial, the price of petrol, diesel and kerosene has never come up or down in response to the crude oil price! Instead, it slowly and constantly creeps higher every single year. Diesel was deregulated in 2009 and sold for about N90 (See pic below). Today diesel retails for between N125-135 per litre. Why has the price been going up consistently?

Solutions: 1. CBN dollar monopoly must be halted! Surely it benefits many CBN heads from (now) Saint Sanusi to Soludo but you cannot have one body determining who gets a critical business resource, especially in an import dependent economy like Nigeria's. Henry Boyo's writings are instructive here.

2. Deregulation should only occur when there is sufficient and diverse local refining capacity. If multiple companies are able to refine they will be required to sell at a competitive prices, just to stay in business. Why can't you apply the subsidies to local refiners until you have reached refining capacity to meet demand?

3. Remove a regulator like PPPRA setting or suggesting prices: PPPRA also releases 'templates' to guide petroleum prices. This is similar to pure water which sells for N10 regardless of manufacturer. Ask yourself- how come all pure water sells for the same price?? Little known to the public, ATWAP (Association of Table Water Producers) actually sets the price in Nigeria and enforces it! ( Read this and be educated https://www.nairaland.com/418542/pure-water-biz-discuss/20 ) How can there be a free competitive market with marketers forced to retail at 'not above N145?

4. God bless Nigeria!

It doesn't change anything!

Am Happy the Zombies are enjoying the CHAINS!!!

GEJ May God Bless you for your foresight and Please Pardon the zombies whose brains was replaced with fura and ewedu that they could not think again!

#PROUDLY 5%

Leave story. When fuel was selling at N87, why didn't NNPC sell at N80? Enougj of this negative change

Change o..BTW ,whr r those who ocupied nigeria in 2012? Hypocrite

We keep taking 5 steps forward and 10 steps back, experimenting with the lives of over 170 million people hmmmn.
My question is, has subsidy been removed? Cos i didn't see that clearly stated in that press release. I'll hate to hear subsidy is being paid while we buy at this price.

Where is oga Tom West and Fashola the lawyer that doesn't sign cheques but could calculate how Goodluck should have sold fuel for #40. Hypocrisy everywhere.

NLC and TUC quiet am I missing something?
We really need to be patriotic and stop playing politics with everything.

It's been long I heard SAI BABA though.

I know this will surely happen ... since the day they anounce the fall in price of crude

The competition has started....


Soon....them salesmen would be outdoing one another to see who can sell at the lowest price possible.

Oh my God!!! How will govt salary earners survive in this situation? Prices of other comodities have risen up already, there's no purchasing power and salary is not growing..

Emmm.. but i thought d APC during GEJ's time said Fuel should sell for N45/litre?

Bunch of clueless morons.

I blame GEJ's supporters hu didn't have PVCs.

Chai!!!!!!!!!!!!!!! Is all I can manage to type
Chai!!!!!!!!!!!!
Its has began

Nobody will protest this painful action by the government.

Tinubu will not bring out money for jollof rice and musicians and speakers.

PDP are conserving cash for 2019

Sunnycliff:
It doesn't change anything!

Am Happy the Zombies are enjoying the CHAINS!!!

#PROUDLY 5%

Are you also happy that your hero GEJ promised three refineries in 2010....and then broke that promise?

If we had them refineries.....we won't be in this state.

Hmmm

.how much really will the nnpc retailer sell . Please try and give us the actual price

The money the government is using to import petrol, why can they use it to build refinery? Just look at the way they keep increasing the price like there is tomorrow

I smell something fishy here....

Nigerians, can't u see that u got mad people in government

This is insane