Tag
PREMIUM MOTOR SPIRIT
The Presidency yesterday announced a reduction in the price of Premium Motor Spirit (PMS) to N125 from the current price of N145.
The FG has approved the reduction of the pump price of PMS petrol from N145 per litre to N130 per litre.
Oil marketers in the country have outlined conditions that will facilitate their involvement in fuel importation.
The Federal Government (FG) has disclosed plans to sell fuel at a reduced price of N97 per litre.
The Federal Government subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per liter, as the crude oil price increased to $67.86 per barrel yesterday, data from the Petroleum Products Pricing Regulatory Agency disclosed
According to the latest Nigerian National Petroleum Corporation (NNPC) performance report, the amount paid on subsidizing Premium Motor Spirit (PMS) increased by N58.6 billion in April 2019.
The latest price watch report released by the National Bureau of Statistics (NBS) shows that Premium Motor Spirit (popularly known as Petrol) sells at the lowest price in North-East Nigeria in July 2019.
The Minister of State for Petroleum Resources, @IbeKachikwu, on Tuesday, said the landing cost of Premium Motor Spirit, also known as petrol, is now higher than the pump price of N145 per litre.
Petrocam has suspended its plan to build a refinery, as a result of the lack of deregulation of the downstream sub- sector of Nigeria’s oil and gas industry.