The Federal Government may reduce the pump price of petrol to N85 per litre from January 1, 2016.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, made this disclosure to journalists at the Port Harcourt Refining Company, Rivers State, after inspecting the plant.
Asked when the Federal Government would release the new petrol price template prepared by the Petroleum Product Pricing Regulation Agency, Kachikwu said that he approved the new price for the agency on Thursday.
Pressed to reveal when the new price would become effective, Kachikwu, said:
“like I said, we have done a modulation 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 2016 is when we are looking at.”
He said the new price would be below the current N87 per litre and it would now convince Nigerians that the pricing modulation that the Federal Government promised to embark on a few days ago was not a trick.
