Find the latest bookmaker offers available across all uk gambling sites Read the reviews and compare sites to quickly discover the perfect account for you.
Saturday , October 22 2016
Home / Metro News / FG Removes Fuel Subsidy, Petrol To Sell For N85 By Jan 1st 2016

FG Removes Fuel Subsidy, Petrol To Sell For N85 By Jan 1st 2016


Minister of State for Petroleum , Dr Ibe Kachikwu during a tour of the Port Harcourt refinery on Christmas Day said that the Federal government is working to reduce the pump price of petrol to about 85 or 86 naira per litre by Jan 1st.

He said efforts were on to get the refinery to achieve 60 percent production capacity and to supply about 11 million liters of petrol daily.

“If you look at the new PPPRA template that we developed and which I just signed off two days ago, when it is announced you will find out that for now ,and I use the emphatic word of the President for now, the price of the refined product will actually be lower than 87 naira, It will be 85. We will probably announce that in January if the prices hold.

“Like I said, we have done a modulation calculation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at.”

“What that does for you is that its modulating. If it goes up you move up, if it comes down you come down. So we take away the fact of having to go find funds to pay for these subsidies that we cannot afford.

“More importantly we try to be as close to the pump price that we have now as possible,” he said.


Check Also


See Photo Of Controversial Prophet Whose ‘Holy Stones’ Allegedly Chases Away Evil Spirits and Zombies

Self acclaimed Prophet, Saziso Ndwandwe is a popular cleric in South Africa who is also ...

Leave a Reply

Your email address will not be published. Required fields are marked *