A file photo of a nozzle pump.
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 with effect 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 Charges and Bridging Fund.
Other components revised include Retailers’ Transporters and Dealers Margins.
As contained in the breakdown, the Ex-depot price of 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.
The New Template
| S/No | Item | OLD Price | NEW Price |
| 1 | Trader’s margin | 1.47 Naira/Litre | Nil |
| 2 | Lightering Expenses (SVH) | 4.07 Naira/Litre | 2.00 Naira/Litre |
| 3 | NPA | 0.77 Naira/Litre | 0.36 Naira/Litre |
| 4 | Jetty Throughput Charge | 0.80 Naira/Litre | 0.40 Naira/Litre |
| 5 | Storage Charge | 3.00 Naira/Litre | 1.50 Naira/Litre |
| 6 | Retailers Margin | 4.60 Naira/Litre | 5.0 Naira/Litre |
| 7 | Transporters (NTA) | 2.99 Naira/Litre | 3.05 Naira/Litre |
| 8 | Dealers Margin | 1.75 Naira/Litre | 1.95 Naira/Litre |
| 9 | Bridging Fund | 5.85 Naira/Litre | 4.00 Naira/Litre |
| 10 | Ex-depot Price | 77.66 Naira/Litre | 77.00 Naira/Litre |
It is the second time that the government will be reducing the price of petrol since the price of crude oil dropped.
The PPPRA also advised all marketers to adhere strictly to the approved Ex-depot and pump prices, as it would, in conjunction with relevant government agencies, enforce compliance.
The oil-rich nation is currently experiencing fuel scarcity, a situation that the government said would soon come to an end, as some of the nation’s refineries have started production.
The student was said to have sustained severe machete injuries and was rushed to a…
Co-hosts Mexico kicked off the 2026 World Cup against South Africa in Mexico City's Estadio…
In the highlight of the ceremony, Colombian star Shakira and Burna Boy performed "Dai Dai",…
The agency said that cannabis constituted the bulk of the drugs destroyed, weighing 73,210.23 kilogrammes.
He said his action was based on the fact that discussions with the Islamic Republic…
Justice Binta Nyako handed the sentence on Thursday shortly after the five men, including two…