By Etuka Sunday
he Federal Government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Monday announced a reduction in the ex-depot price of fuel from N81.51 to N77.66 per litre.
Ex-depot price is the actual cost of petrol when it hits the shores of Nigeria from where it was purchased, according to the PPPRA.
By the announcement, the ex-depot price was reduced by N3.85 per litre.
The agency said the reduction became necessary following the Federal Government’s announcement of a reduction in the pump price of fuel from N97 to N87 per litre at the weekend.
The agency, in a statement, said, “Consequent upon this (Federal Government’s) announcement, the PPPRA, in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products, hereby further announces the new ex-depot price of PMS as N77.66 per litre.