Eletiofe PPPRA Bows to Pressure, Says No Increase in Fuel...

PPPRA Bows to Pressure, Says No Increase in Fuel Price

-

- Advertisment -

Petrol

The Petroleum Products Pricing Regulatory Agency has released an official statement over reports of petrol price increment.

The PPPRA said price of petrol has not been increased.

It said this in a statement issued on Friday following public outrage over reports of increment late Thursday.

This is coming after a template released by the PPPRA stating that from March, petrol would be sold at a lower retail price of N209.61 and at an upper retail price of N212.61.

Clarifying the template, the PPPRA in the statement signed by the Executive Secretary, Abdulkadir Saidu, said the template was only indicative of current market trends and do not translate to an increase in the pump price of PMS.

The statement said, “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.

“The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading.

“The Agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.

“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.

“The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trend on a daily basis to determine Guiding Prices.

“The Agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy. While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase. The current PMS price is being maintained while consultations are being concluded.

“Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.

“While assuring the public of adequate products supply as the average PMS Day Sufficiency as of March 11, 2021, is over 35 days, the PPPRA pledges to continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.”

Latest news

#EndSARS: How My Son Died In My Arms At Lekki Toll Gate – Woman Recalls

The woman shared her story in an interview with CNN A woman whose son...

‘Somebody’s Son Can Not Find You With That Video’ – Nigerians Mock Tiwa Savage Over Leaked Tape

Tiwa Savage Nigerian singer, Tiwa Savage has become an object of mockery on social...

You’ll Receive More Slaps – Tega Threatens Uche Maduagwu For Rebuking Boma

Uche, Tega and Boma Reality television star, Big Brother Nigeria's Tega Dominic has threatened...

FG Scraps DPR, PPPRA, PEF

The Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF) has...
- Advertisement -

Arrest, Jail Lai Mohammed Now – HURIWA Tells Security Sgencies

Lai Mohammed The Human Rights Writers Association of Nigeria, HURIWA, has caled the the...

”My Life Is In Danger, A Pastor Prophesied I Would Be Shot On October 18” – Shatta Wale Cries Out

Popular Ghanaian dancehall artiste, Shatta Wale, has raised alarm that he has been receiving death threats and no longer...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you