The Federal Government Tuesday announced officially the reduction in the price of the Premium Motor Spirit (PMS) otherwise known as petrol.
The announcement, which was made by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, shows that fuel would be sold in two different prices from January 1, 2016.
The Executive Secretary, the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, who made the announcement on behalf of the minister said from January the NNPC retail outlets would sell fuel at N86.00k per litre, while Independent Marketers would sell at N86.50k per litre.
He gave the analysis in which the federal government was able to arrive at the reduction, as he stated that the pricing of petrol litre would be reviewed downward or upward quarterly.
Speaking to journalists in Abuja, Ahmed, also announced the first quarter of 2016 PMS import allocation of three million metric tonnes to the NNPC and other oil marketers.
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