FG to work out modalities on how to slash fuel price – Vanguard
The outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Farouk Ahmed, yesterday, stated that the Federal Government was considering a review of the pricing template for Premium Motor Spirit, PMS, and might effect a further reduction in the price of the commodity from April 2016.
Speaking in Abuja, Ahmed, who officially handed over to the most senior officer of the PPPRA, Mr. Moses Mbaba, also disclosed that as at February 3, about one month after the commencement of price modulation which led to the review of the pricing template of petrol, the country had saved N2.6 billion.
According to him, the decision on the review of the price of PMS would be taken next month by the Minister of State for Petroleum Resources, after due consultations with stakeholders and based on the price of crude oil in the international market. “Yes, wait till March, you will see because the minister is fair in the decision he will take; because he will take the decision pragmatically,” Ahmed responded, when asked about the possibility of a likely reduction in the price of PMS. In addition,
Ahmed stated that due to the current state of over-recovery, the PPPRA is recovering some money from the Nigerian National Petroleum Corporation, NNPC, and oil marketers.
He noted that as at February 16, 2016, over-recovery was N13.81 per litre, stating that an over-recovery of N13.81 meant that the landing cost of PMS was lower than the selling price by N13.81.