Marketers to Refund N13.81/Litre as Over-Priced Balance to FG

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Marketers to Refund N13.81/Litre as Over-Priced Balance to FG

By Correspondent

The Federal Government has revealed that a debit note will be sent to every marketer to refund over-recovered money to the government. They said this was due to the recent reality that petrol is now over priced by N13.81 per litre at the current approved pump price of N86.50 a litre for oil marketers. This was made known yesterday by Farouk Ahmed, the out-going Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), while handing over to the General Manager, Administration and Human Resources, Moses Mbaba, who is the most senior officer in the agency. Meanwhile, Dr Ibe Kachikwu, the Minister of State for Petroleum Resources, yesterday stated that the petrol price modulation mechanism currently in place will ensure that the Federal Government records zero expenses on fuel subsidy in 2016. Kachikwu said that that the zero fuel subsidy regime is already in place and would be sustained based on the prevailing modified pricing template for petroleum products which has eliminated extraneous cost elements. He said this while delivering the 45th Convocation Lecture of the University of Nigerian Nsukka under the theme: ”˜The Petroleum Industry and the Future of the Nigerian National-Oil Resource Management and the Implication for National Security and Economic Survival’. He reteraited that, “Without necessarily removing subsidy the government will spend zero amounts in subsidy in 2016. This may sound unbelievable to some people, but that is part of the change agenda of the present administration of President Mohammadu Buhari, “This was according to a statement yesterday by Ohi Alegbe, the spokesman of the Nigerian National Petroleum Corporation.’

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