FG reduces ex-depot fuel price to N77.66 per litre

FG reduces ex-depot fuel price to N77.66 per litre

The Federal Government, through the Petroleum Products Pricing 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.