Following the start of price modulation that led to the review of petrol pricing template in January, a new review would likely begin by March 15, according to Mr. Farouk Ahmed, the outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA.
Thus, the Federal Government’s review of the pricing template for Premium Motor Spirit (PMS) might further reduce the price of petrol from April 2016.
Mr. Ahmed, who is one of those affected in the recent shakeup in the federal agencies and parastatals, made this known in Abuja while he officially handed over to the most senior officer of the PPPRA, Mr. Moses Mbaba.
According to him, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu will consult stakeholders and consider the price of crude oil in the international market before a decision on the review of the price of PMS would be taken.
When asked about the possibility of a likely reduction in the price of PMS, Ahmed said:
“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 stated further that depot owners and independent oil marketers would constitute the committee to undertake the review.