Contrary to the perception created on Christmas day that the price of petrol would be reduced to N85 per litre effective January 1, the Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, has clarified that its official price would be announced next month, ThisDay reports.
He added that at the current price of crude oil, the subsidy element had been eliminated, but the price of petrol had not been deregulated nor would it be deregulated come January. “It will be adjusted within the modulating band of N87 per litre to N97 per litre in accordance with the international price of crude oil,” he explained.
According to him, the price of petrol could go either way, “it may be increased above the current selling price or may be reduced below the current selling price all things being equal”. “If there is an increase or decrease in the price of crude oil, we will make the necessary adjustment, so in January 2016, we will announce the new price of petrol in accordance with trends in the market.”
According to The Guardian, the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Ahmed Farouk also reiterated this, saying that the agency will release the new petroleum products pricing template on January 1, 2016. He also explained that the list of petroleum marketers that would import products into the country in the first quarter of 2016 would soon be released.
Source: Energy Mix Report News
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