Petrol May Sell below N87/Litre In 2016 –NNPC

The pump price of petrol may sell for less than N87 per litre before the end of the first quarter of 2016, latest findings from the Nigerian National Petroleum Corporation have revealed.This is coming

as the corporation also announced that the Kaduna Refining and Petrochemical Company would start producing petroleum products beginning from today (Saturday).According to the NNPC, the current pricing template for petrol, which was prepared by the Petroleum Products Pricing Regulatory
Agency, contains significant inefficiencies that should be reviewed.The corporation’s Group General Manager, Corporate Planning and Strategy, Mr. Bello Rabiu, told journalists in Abuja on Friday that going by the fall in the price of crude oil, it was important to consult relevant stakeholders in order to produce an adjusted template.Rabiu said consultation with stakeholders was to negotiate and reduce some of the costs associated with the importation of petrol, adding that the government had the target of reducing the amount charged for logistics and distribution margin on every litre of premium motor spirit consumed in Nigeria.The GGM was affirmative that the adjusted template would surely have a considerable reduction in the pump price of petrol when it is completed before the end of the first quarter of next year, stressing that when this is achieved, there would be no need for subsidy as the import price of PMS would have reduced considerably.