Abuja Petrol Stations Comply With New Pump Price

There are indications that most of the petrol stations in the Federal Capital Territory (FCT) have complied with the new pump price for petrol which became officially effective on January 1, 2016.

According to a report by a correspondent of the News Agency of Nigeria (NAN) who went round many filling stations in Abuja on New Year’s day, not only had the stations adjusted their prices to the new regime, there appeared to be ample supply of the products, with a lot of the stations having loaded trucks on stand-by.

The Federal Government had directed that from January 1, 2016, all NNPC retail stations should sell petrol at N86.00 per litre, while independent petrol marketers were to sell at N86.50.

According to Mr. Farouk Ahmed, Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), the new pricing is a result of the implementation of the revised components of the Petroleum Products Pricing Templates for PMS (petrol) and kerosene. The new prices are expected to be in place at least for the first quarter of the year.