Regulatory Agency, has announced a reduction in the ex-depot price of
fuel 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. By the
announcement, the ex-depot price was reduced by N3.85 per litre.
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, in a statement, 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."
President Goodluck Jonathan had approved and directed the announcement
of a downward review of the pump-price of fuel from N97 to N87per
litre, with effect from January 19, 2015.
The announcement, which was made by the Minister of Petroleum
Resources, Mrs. Diezani Allison-Madueke, was in consonance with
Section 6, Clause 1, of the Nigerian Petroleum Act, necessitated by
the prevailing volatility in the international oil market and the drop
in crude oil price.
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