President Muhammadu Buhari who presented the 2016 Appropriation Bill to the National Assembly yesterday, disclosed how much a litre of petrol will cost.
According to the President at the Presentation of the 2016 Budget on Tuesday, December 22, Petrol will remain at the current rate of N87 per litre.
President Buhari said yesterday while presenting the 2016 Appropriation Bill to the National Assembly that the price of petrol is subsidised in Nigeria because the country imports refined products even it is Africa’s biggest producer of crude oil.
Buhari said he had directed the Petroleum Products Pricing Regulatory Agency (PPPRA) to adjust its pricing template to reflect competitive and market driven components.
“We believe this can lower input costs and attain efficiency savings that will enable PPPRA to keep the selling price for all marketers of petrol at N87 per litre for now”, the president said.
He noted that the current fuel scarcity “with long queues at petrol stations all over the country causing social dislocation” was very unfortunate.
He, therefore, apologised to Nigerians for this “prolonged hardship and misery”.
He said the fuel scarcity “is as a result of market speculators and resistance to change by some stakeholders”.
He assured Nigerians that the government was working very hard to end the shortages and bring fuel to the pumps all over the country.