The Petroleum Products Pricing Regulatory Agency (PPPRA) said it has observed a downward trend in the Expected Open Market price of petrol to be below the government approved pump price of N145/litre due to the recent plunge in the price of crude oil in the international market.
Daily Trust reports that expected open market price is the actual price of the product in the market without subsidy.
The agency said that it was expected that over-recovery (another term for savings rather than subsidy) could be witnessed if this trend continues and thus will enable other marketers commence importation of PMS (Petrol).
The PPPRA was reacting to reports that petrol subsidy has hit N2.43billion and that the Nigerian National Petroleum Corporation (NNPC) had taken over calculation from the PPPRA. Read more