PPPRA Announces New Petroleum Pump Price.

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The Petroleum Pricing Regulatory Agency (PPPRA) in Nigeria has announced the implementation of the revised components of the Petroleum Pricing Template for PremiumMotor Spirit (PMS).In a statement by the Executive Secretary of the PPPRA, Mr Farouk Ahmed, the pump price was put at 86.50 Naira per litre, a price the agency said was in line with the prevailing market trend.“This new price regime is witheffect from January 1, 2016,” the statement read.According to Mr Ahmed, the reversed template was approved by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.The statement said that the major components of the pricing template affected by this review were Traders Margin, Lightering Expenses, Nigeria Port Authority, Jetty Throughput, Storage Chargesand Bridging Fund.Other components revised include Retailers’ Transporters and Dealers Margins.As contained in the breakdown, the Ex-depot priceof PMS shall be 77 Naira per litre while the pump price will be 86.50 Naira per litre.The new price is a reduction of 50 Kobo from the old price of 87 Naira.


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