Thursday, January 26, 2017

Nigeria: FG May Adjust Pump Price of Petrol Today

Board members of the Petroleum Products Pricing Agency (PPPRA) are to meet on Thursday to consider a review of the pricing template of petrol.

Mr Gbenga Osinowo Director-General Nigerian Employers Consultative Association (NECA) and a PPPRA board member confirmed the meeting as well as the template adjustment being part of the agenda.


This is because of recent developments in the petroleum sector; like the Nigerian National Petroleum Corporation (NNPC) indirectly subsidizing petrol prices and evidence of petroleum scarcity popping up across the nation.

Oil marketers are of the opinion that the pump price of petrol should be increased so as to accommodate the increased value of the dollar.

However unions in the petroleum industry are opposed to the increase and the House of Representatives has also criticized the administrative charge of 30 kobo per litre collected by the agency, saying the commodity should sell for N70 per litre.

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