The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a 50 kobo reduction in the pump price of petrol. According to the agency, petrol would now sell fro N86.50k per litre. The official rate before this announcement is N87 per litre.
Last week, the minister of State for Petroleum, Ibe Kachikwu announced the removal of petroleum subsidy and a new pump price of N85 per litre, which was to take effect from January 1, 2016.
It is unclear if these announcements are co-ordinated or which price regime would prevail. Fuel would be selling at NNPC filling stations for N86, however.
More details to follow