Breaking News: PPPRA announces new price for petrol from January 1

The Petroleum Products Pricing Regulatory Agency has announced a 50k reduction in the price of petrol effective January 1, 2016.
The announcement was contained in a statement signed by the Executive Secretary of the PPPRA, Farouk Ahmed.
This means petrol will now sell for N86.50k from January 1, 2016.
According to the statement, the reduction in the price of petrol follows the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit and Household Kerosene.
Ahmed said this was based on the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
The statement added: “Accordingly, the Ex-depot price of PMS shall be N77.00 per litre, while the pump price shall be N86.50 per litre in line with the prevailing market trend. This new price regime is with effect from 1st January 2016.
“All Marketers are hereby advised to adhere strictly to the PPPRA Ex-depot and pump prices, as PPPRA in conjunction with relevant government agencies shall enforce compliance.”