TheCable

The federal government has announced a reduction in the ex-depot price of fuel – the actual cost of petrol on arrival in Nigeria from country of importation – from N81.51 to N77.66 per litre.

The cut comes one day after the federal government reduced the pump price of petroleum from N97 per litre to N87 per litre.

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), which made the announcement, the reduction was in line with the earlier reduction in price of petrol.

“Consequent upon this (Sunday’s) announcement, the PPPRA, in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products, hereby further announces the new ex-depot price of PMS as N77.66 per litre.

“In view of the foregoing, oil marketers are hereby advised to adhere strictly to this new price regime, as the PPPRA, in conjunction with the Department of Petroleum Resources, shall enforce compliance in order to ensure that consumers benefit fully from this new review. In other words, any violation of the prevailing price regime, shall attract appropriate sanctions.”

PPPRA advised Nigerians against any form of panic-buying, saying there are enough products in all depots across the country.

“We also wish to assure Nigerians that the PPPRA, in exercise of its mandate, is fully committed to ensuring adequate supply and distribution of petroleum product,” it added.