The Federal Government is set to increase the pump price for petrol even as scarcity of the product lingers. A new pricing template for petrol might be implemented by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Friday 1st of April 2016. Petrol is likely to be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations.
Until this new template, the NNPC’s official price for a litre of fuel was N86 and N86.50 for other stations. The new price mechanism that is expected to take effect today is a requirement of price modulation system that is reviewed every quarter.
The proposal for the price template for the second quarter of the year (April to June) was tabled before the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu by the PPPRA boss, Mrs. Sotonye Iyoyo early this week.
However it hasn’t been confirmed if the Minister of Petroleum Resources, President Muhammadu Buhari, who is attending a conference in Washington DC in the United States, approved the template before leaving the country.