The Petroleum Pricing Regulatory Agency (PPPRA) in Nigeria has announced the implementation of the revised components of the Petroleum Pricing Template for Premium Motor 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 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. -(Source: Channelstv)
0 Comments
COMMENT
------------------
We love to hear from you, make use of the comment field after every post and drop your comments. Also tick the box in the comments area to get notified via your email for the replies on your comments. Thanks
DISCLAIMER:
*Comments on this Web are NOT posted by Tundegold.
*Readers are SOLELY responsible for the comments they post.
*Also, where necessary, all posts are duly referenced.Thank you.
COPYRIGHT WARNING!
We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts.
Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media.
About possible consequences you can read here:What are the consequences of copyright infringement?
Tundegold is a property of Grandunicorn Limited and we have all legal actions at our disposal to take within and outside the internet in effort to protect our intellectual properties. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).