The Petroleum Pricing Regulatory Agency has announced fifty kobo reduction in the pump price of petrol with effect from Friday this week, which is the first day Of January, 2016.

The Petroleum Pricing Regulatory Agency has announced fifty kobo reduction in the pump price of petrol with effect from Friday this week, which is the first day Of January, 2016.This was made known in a statement by the Executive Secretary of the PPPRA, FAROUK AHMED, on the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit.The PPPRA said petrol will now sell for eighty-six naira fifty kobo per litre, as against the current regulated price of eighty-seven naira.FAROUK AHMED said the new pump price was adopted based the prevailing market trend as contained in a reversed template approved by the Minister of State for Petroleum Resources, IBE KACHIKWU.