FG May Adjust Pump Price of Petrol As PPPRA Board Meets Today

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FG May Adjust Pump Price of Petrol As PPPRA Board Meets Today

The board members of the Petroleum Products Pricing Regulatory Agency (PPPRA) are expected to meet today (Thursday) to consider among other issues, the review of the petroleum product pricing template.

The meeting is coming on the back of suggestions for the adjustment in the price of petrol.

Reliable sources in the agency told Daily Trust that PPPRA will come up with the latest template sooner than later which could see petrol price rise or fall.

The last time the template was updated was on May 23, 2016, with the price of petrol pegged between N135 and N145 per litre.

However, the review is coming following the numerous developments that have taken place in the oil and foreign exchange (FX) markets since then.

Mr Gbenga Osinowo Director-General Nigerian Employers Consultative Association (NECA) and a PPPRA board member confirmed the meeting as well as the template adjustment being part of the agenda.

 “The matter (pricing template review) has been raised and we are meeting on Thursday this week. By the time we meet, it will be clear as to which direction to go,” he said.

While oil marketers are of the opinion that the pump price of petrol should be increased so as to accommodate the increased value of the dollar, unions in the petroleum industry have presented opposing views to the idea.



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