The Petroleum Products Pricing Regulatory Agency has issued a statement directing a reduction in the ex-depot price of fuel by N3.85 from N81.51 to N77.66 per litre.
Ex-depot price is the actual cost of petrol when it hits the shores of Nigeria from where it was purchased, according to the PPPRA.
According to Punch, the agency said the reduction became necessary following the Federal Government’s announcement of a reduction in the pump price of fuel from N97 to N87 per litre on Sunday.
The agency said, “Consequent upon this (Federal Government’s) announcement, the PPPRA, in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products, hereby further announces the new ex-depot price of PMS as N77.66 per litre.
“In view of the foregoing, oil marketers are hereby advised to adhere strictly to this new price regime, as the PPPRA, in conjunction with the Department of Petroleum Resources shall enforce compliance in order to ensure that consumers benefit fully from this new review. In other words, any violation of the prevailing price regime, shall attract appropriate sanctions.
“It is therefore our wish to advise Nigerians against any form of panic-buying, as there are enough products in all depots across the country. We also wish to assure Nigerians that the PPPRA, in exercise of its mandate, is fully committed to ensuring adequate supply and distribution of petroleum product.”
Earlier, the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke, made an announcement for a reduction in the price of Premium Motor spirit often referred to as petrol from N97 to N87 following a global drop in the price of crude oil.
The announcement was ordered to be adhered to with immediate effect from Monday, January 19, 2015 however, some fuel stations are yet to obey while others immediately complied.
