The Minister of State for Petroleum, Dr. Ibe Kachikwu says the NNPC will announce a pump price of 85 naira per litre of petrol in January 2016.
Kachikwu disclosed this during his inspection of the Port Harcourt Refinery Company (PHRC), on Christmas day.
He said that the new pump price is according to a Petroleum Product Pricing Regulation Agency (PPPRA),ctemplate which he signed off on Wednesday, and will be the first reflection of the price modulation that will kick off fully in the petroleum sector by January 2016.
“We have done a modulation calculation and it is showing us below N87,” Mr. Kachikwu said.
“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.