11 May 2016
After the back and forth hassle over the fuel crisis that has lingered for quite too long, the Minister of State for Petroleum Resources, Ibe Kachikwu today announced that sole and private Nigerian entities are now allowed importation of petroleum products into the country.
Kachikwu explained that the entities will still be subjected to already laid down expectations and guidelines issued by the regulatory agencies. This confirmation from Kachikwu has brought to an end the fuel subsidy regime.
The Minister explained that all marketers will only be given freedom to import the product on the agreement that the foreign exchange procured from secondary sources and PPPRA template will reflect in the pricing of the product.
Further, Kachikwu said that new price band is effective from 11th May, 2016. The retail price of petrol will now be N145 and below.
“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,” he clarified.
We await more news on this.