The Nation January 02, 2012

Page 1

Nigeria’s widest circulating newspaper

Death toll hits 67 in Ebonyi attacks

NEWS

Page 8

FCT votes N2.5b for VP, officials’ homes

•N2.5b for cultural centre, tower

•Victims undergo surgeries

NEWS Page 6

www.thenationonlineng.net

TR UTH IN DEFENCE OF FREEDOM TRUTH

VOL. 7, NO. 1993 MONDAY, JANUARY 2, 2012

N150.00

•An Oshodi, Lagos petrol station queue ... yesterday. INSET: Emworld Filling Station at Utako District, Abuja shutdown ... yesterday PHOTOS: OMOSEHIN MOSES AND ABAYOMI FAYESE

Subsidy chaos: Petrol likely to sell for N141 Marketers shut stations as govt stops subsidy

N

IGERIANS got a shocking New Year gift from the Federal Government yesterday. They found long queues at the filling stations where petrol was sold at N140 per litre. Gone was fuel subsidy, which gave way to deregulation. Many stations shut down their

PPPRA TEMPLATE FOR DECEMBER 29 •Maximum indicative benchmark – N131.66 per litre for depot price: •Maximum indicative benchmark – N141 price for open market: From Yusuf Alli, John Ofikhenua Abuja and Emeka Ugwuanyi, Lagos

machines. The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the removal of govern-

HISTORY OF FUEL PRICE INCREASES •June 2000

– N20-N30, (reduced to N22 after strike) •Jan. 1, 2002 – N26 •Sept. 2004 – N48 •April 7, 2005 – N52 •May 28, 2007 – N75 (reduced to N65 after strike)

ment subsidy on Premium Motor Spirit (PMS). The announcement was made following an emergency meeting of the Executive Secretary of the PPPRA, Reginald Stanley and other top officials of the agency at

the Nigeria National Petroleum Corporation (NNPC) office. It was gathered that after the parley between the NNPC management and the PPPRA, the government withdrew the fuel subsidy on which it claims to have spent N1.3

trillion in less than one year. Although the PPPRA statement did not specify how much petrol will now sell per litre, it was learnt that marketers will not be allowed to sell it for more than N141 per litre, for now. A source from the agency, who pleaded not to be named because he is not officially permitted to speak, said the marketers should continue to work with the PPPRA template of December 29, 2011, published on the agency’s website. Based on the Platts pricing, the template has the Continued on page 2

WE WISH ALL OUR ESTEEMED READERS A HAPPY NEW YEAR


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