From January 1, 2016, the pump price of petrol in Nigeria is expected to become N86 per litre. It is currently N87.
Minister of state for petroleum Dr Ibe Kachikwu revealed in Port harcourt on Christmas Day that they had done the calculations and found that petrol should sell for less than N87 even after the presumed subsidy on it had been removed.
Crude oil now goes for $32 per barrel in the international market.
Kachikwu said a directive to effect the change was given on Thursday and that the new price would take effect as soon as the PPPRA published it — latest by January 1.
The actual problem envisaged is the policy’s implementation. The regulators may not effectively call the marketers to order. For many years, petrol was not sold at the official price in most states of Nigeria.