Open market price of petrol drops from N108.38/l to N101.48/l in 3 days – PPPRA

A document obtained from the website of the Petroleum Products Pricing Regulatory Agency (PPPRA) has shown that the open market price of Premium Motor Spirit (PMS), popularly known as petrol before subsidy has reduced from N108.38 per litre as a December 9th, 2014 to N101.48 p litre at at December 12th, 2014.
Accordingly, the amount of money the government s paying to subsidize the consumption price of petrol has reduced by N4.48 per litre. In real terms, the amount gained from falling oil prices is N6.90 per litre. 
The PPPRA did not however disclosed how much the government will be saving from this reduction in lump sum. The website did not also veal how much was being paid before now. 
According to the PPPRA, the Expected Open Market Price (EOMP) of fuel is N101.48; Landing Cost -N98.15; Ex-Depot price is N81.51 per litre, while the regulated price is N97 per litre.
Various groups have been flavoring for a reduction in the price of petroleum products since crude oil prices have crashed by about half.
This came as the Nigerian National Petroleum Corporation, NNPC, assured Nigerians that the ongoing strike embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, and the National Union of Petroleum and Natural Gas Workers, NUPENG, will not disrupt the supply of petroleum products to members of the public. 

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