Nigeria’s Petroleum Agency Speaks On Plan To Increase Petrol Price

Nigeria’s Petroleum Agency Speaks On Plan To Increase Petrol Pump Price

The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that the federal government has no plan to increase the pump price of premium motor spirit (PMS) also known as petrol.

The Executive Secretary of PPPRA, Abdulkadir Saidu, gave the assurance on Tuesday.

He further pleaded with Nigerians to disregard speculations that there would be an increase from the current price of N145 per litre.

Saidu also urged marketers to avoid distorting the pump price of petrol in their various retail outlets, adding that the PPPRA will keep monitoring prices in depots and filling stations across the country.

According to him, the agency will ensure strict adherence to the regulated pump price in order to curb “sharp practices” engaged in some retail outlets.

The PPPRA executive secretary said any marketer who fails to comply with the directive would be “sanctioned adequately”.

While commending petroleum product marketers for entering into dialogue with the federal government to resolve the issue of outstanding fuel subsidy arrears, he appealed that both parties reach a compromise on the matter.

The Executive Secretary also cautioned consumers against panic buying, while restating the PPPRA’s commitment to “service delivery and uninterrupted petroleum product supply and distribution” in the festive period and the months to come.