PETROL PRICE TO BE REDUCED TO #87 BY JANUARY 1 2016- FG

The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu has told the journalists that from January 1, 2016, the Federal Government of Nigeria intends to reduce the petroleum price to #85 per litre.

He said this on Christmas Day in Port Harcourt refinery that " 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," explaining further that “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.”

He said , “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.

The Minister also said that the Federal government is making efforts, so that the refinery can achieve 60 percent production capacity and  daily supply of about 11 million liters of petrol.