Tag
PPPRA
Petrol subsidy gulped N101.65bn in the first three months of the year.
“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price..."
The Federal Government has reduced the pump price of Premium Motor Spirit, popularly known as Petrol, from N125.00 to N123.50 with effect from Wednesday, April 1, 2020.
FG said that they might be reviewing the pump price of Premium Motor Spirit (PMS), popularly referred to as petrol by April 1.
Oil marketers in the country have outlined conditions that will facilitate their involvement in fuel importation.
Reports state that fuel marketers under the aegis of MOMAN and IPMAN have called on the FG through the PPPRA to raise their margins on petrol prices.
Oil marketers have said it is unfair for petrol dealers to be asked to pay the N50 stamp duty charge for transactions done on PoS machines.
The Nigerian lawmakers have disclosed it will also be probing the Petroleum Products Pricing Regulatory Agency (PPPRA).
Oil marketers in Nigeria and PENGASSAN have called for the removal of fuel subsidy.
The Nigerian National Petroleum Corporation (NNPC), has cautioned depot owners against selling petrol above the ex-depot price of of N133.28k per litre