The federal government has announced a full deregulation of the downstream sector of the Nigerian petroleum industry, pushing the price of petrol to about N145 a litre.
The Minister of State for Petroleum, Ibe Kachikwu, announced the policy change in Abuja on Wednesday afternoon, confirming PREMIUM TIMES exclusive report of Monday, May 9 on the matter.
“In order to increase and stabilise the supply of the product, any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by Regulatory Agencies,” Mr. Kachikwu said.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX procured from secondary sources and accordingly PPPRA template will reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre.”