See the new Pump Price for Petrol in Nigeria, as announced by the Petroleum Products Pricing Regulatory Authority (PPPRA)

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The Petroleum Products Pricing Regulatory Authority (PPPRA), in Nigeria has announced the implementation of the revised components of the Petroleum Pricing Template for Petroleum Motor Spirit (PMS).
The Executive Secretary of the Agency, Mr Farouk Ahmed was reported to have said " the new pump price was put at 86naira per litre, and the price was in line with the prevailing market trend, and this new price regime is with effect from January 1, 2016, as approved by the Minister of state for Petroleum Resources; Dr. Ibe Kachikwu.
The major components of the pricing template affected by the review according to the Agency, were: Traders Margins, Lightering Expenses, Nigeria Storage Charges and Bridging Fund.  other Components revised include Retailers' Transporters and Dealers Margins.
 The break sown as contained in the template are, the Ex-depot price of PMS shall be 77naira per litre, while the pump price will be 86.50 naira per litre.
The new price is a reduction of 50kobo from the old price of 87 naira.

ITEMS                           OLD PRICE                                      NEW PRICE
Trader's margin               N1.47/litre                                                Nil


Lightering Expenses (SVH)   N4.07/litre                                   N2.00/litre
NPA                                         N0.77/litre                                  N0.36/litre
Jetty Throughput Charge            N0.80/litre                                N0.40/litre
Storage Charge                          N3.05/litre                                  N1.50/litre
Retailing margin                       N4.60/litre                                  N5.0/litre
Transporters (NTA)                 N2.99/litre                                   N3.05/litre
Dealers margin                         N1.75/litre                                  N1.95/litre
Bridging fund                           N5.85/litre                                N4.00/litre
Ex-depot price                        N77.66/litre                               N77.00/litre
This will be the second time the government will be reducing the price of petrol since the declining price of crude oil in the international market.  But Nigerians expected more instead of the 50kobo cut in price.
The Agency has also promised to make sure that these prices are complied to by all.

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