January 3, 2016

FG officially stops petrol subsidy

 
The Federal Government has officially ended the subsidy on premium motor spirit, popularly known as petrol. The latest Petroleum Products Pricing template, issued by the Petroleum Products Pricing Regulatory Agency does not contain the usual subsidy component.

The PPPRA is the government agency that regulates the prices of petroleum products in the country and its template has always offered insights into how the pricing of these products are determined by the regulators.
 The PPPRA, after getting approval from the Federal Government, had announced last Tuesday that retail filling stations belonging to the NNPC would from Friday, January 1, 2016 sell petrol at N86 per litre, while other oil marketers would sell the commodity at N86.5 per litre.

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