Chris Steven, Abuja
The Federal Government has announced the new price for the premium motor spirit (PMS), also known as petrol.
According to a statement by the Petroleum Products Pricing Regulatory Agency (PPPRA), the new pump price of petrol effective from January 1, 2015, will be N86.50 per litre.
The statement issued late Tuesday and signed by the PPPRA Executive Secretary, Farouk Ahmed, explained that the new price regime is in line with the prevailing market trend.
The statement read in part: “The Petroleum Products Pricing Regulatory Agency (PPPRA), hereby announces the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit (PMS) and Household Kerosene (NHK).
“This follows the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
“Accordingly, the Ex-depot price of PMS shall be N77.00 per litre, while the pump price shall be N86.50 per litre in line with the prevailing market trend. This new price regime is with effect from 1st January 2016.
“All Marketers are hereby advised to adhere strictly to the PPPRA Ex-depot and pump prices, as PPPRA in conjunction with relevant government agencies shall enforce compliance,” the statement reads. The statement reads in part