Presidency To Further Reduce Petrol Price

The continued fall in crude oil price may lead to a further cut in the pump price of petrol by the Government any time soon, the outgoing Executive Secretary PPPRA, Mr. Farouk Ahmed, has said.

The agency had late December 2015 stated that the pricing template for petroleum products would be reviewed occasionally to reflect fluctuations in the price of crude oil in the international market.

While handing over to the most senior officer of the PPPRA, Mr. Moses Mbaba, in Abuja on Thursday, Ahmed noted that as of February 3, 2016, about one month after the review of the pricing template of petrol, the government had saved N2.6bn as over-recovery on the product.

I guess some marketers know this, that's why they are trying to hide products and sell at high prices.