The continued fall in crude oil price
may lead to a further cut in the pump price of petrol by the Federal
Government any time soon, the outgoing Executive Secretary of the
Petroleum Products Pricing Regulatory Agency, Mr. Farouk Ahmed, has
said.
The PPPRA is the agency of the Federal Government that regulates and fixes prices for petroleum products in the country.
The agency had late December 2015 stated
that the pricing template for petroleum products would be..
reviewed
occasionally to reflect fluctuations in the price of crude oil in the
international market.
While handing over to the most senior
officer of the PPPRA, Mr. Moses Mbaba, in Abuja on Thursday, Ahmed noted
that as of February 3, 2016, about one month after the review of the
pricing template of petrol, the country had saved N2.6bn as
over-recovery on the product.
He stated that the decision on the review of the pump price of Premium
Motor Spirit, popularly called petrol, would be taken next month by the
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, after due
consultation with stakeholders, and based on the price of crude oil in
the international market.
No comments:
Post a Comment