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| The Minister of State for Petroleum, Ibe Kachikwu |
The agency in late December 2015 stated that the price of petrol would be reviewed occasionally to reflect fluctuations in the price of crude oil in the international market.
While handing over to the most senior officer of the PPPRA, Ahmed noted that as of February 3, 2016, about one month after the review of the pricing template of petrol, the country had saved N2.6bn as over-recovery on the product.
He stated that another review of petrol would be done next month by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, after due consultation with stakeholders.
When asked if the price could be reduced in the future considering the fall in crude oil prices, Ahmed said, “Yes, but wait till March and you will see. Because the minister is fair in the decision he will take, and because he will take the decision pragmatically.”
He added that due to the current state of over-recovery, the PPPRA was recovering some money from the Nigerian National Petroleum Corporation and oil marketers.
Ahmed also noted that as of February 16, 2016, the country recorded over-recovery of N13.81 per litre of petrol, stating that this meant that the landing cost of PMS was lower than the selling price by N13.81.
Source: The Punch
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