PPPRA SLASHES PETROLEUM PRICE TO N65  

THE PRESIDENCY

PETROLEUM PRODUCTS PRICING REGULATORY AGENCY

No. 1/3, Sankuru Close, off Rima/Gurara Streets, Maitama, P.M.B. 609, Garki, Abuja.

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Tel: 234-9-4138613, 4138614. Fax: 4138654. E-mail: es@pppra-nigeria.org

Following the downward trend in the prices of crude and refined petroleum products at the international market, a development that has brought the open market pump price of Premium Motor Spirit (PMS) below the current price of N70.00k, the Petroleum Products Pricing Regulatory Agency (PPPRA), in line with its statutory mandate, has decided to substitute the fixed price with a recommended price in order to pass on the benefit of this drop in price to the Nigerian public.

In this regard, it is recommended that all petroleum marketers take a cue on the open market reference price level for petrol – the average for the one-month period specified - from the PPPRA’s posted price on its website or as published in the national dailies.

Based on current market fundamentals, the indicative open market pump price of petrol for the month of January is N65.00k. All petroleum marketers are enjoined to comply with this price immediately. The PPPRA, using its automatic price adjustment mechanism, shall be posting on its website as well as announcing and publishing in the media the indicative price of petrol on monthly basis.

The PPPRA will continue to liaise with the Department of Petroleum Resources (DPR) to ensure that petroleum marketers do not engage in profiteering by selling above the upper limit of the open market price monitored by the Agency.

Signed:

PPPRA MANAGEMENT

22 nd January, 2009

 
Yusuf Mu'azu
The Presidency,
PPPRA, Maitama,
Abuja.
234-802-3200-236
234-805-5024-529