16 January 2012, Sweetcrude, Lagos – The Petroleum Products Pricing and Regulatory Agency, PPPRA, has advised petrol suppliers to honour their 4th quarter supply obligations to starve off the possibility of the country going into shock.
A statement released by the agency yesterday disclosed that a machinery has already been put in place to ensure that products supplied are fully accounted for and appropriate subsidy worked out for such deliveries.
“Consumers are by this statement, assured of adequate supply, barring any supply disruption witnessed in the past one week.
“The PPPRA in conjunction with the Department of Petroleum Resources (DPR) will ensure that Marketers revert to the new price, and Consumers are not taken advantage of in any form or in any way.
The statement noted that following extensive consultation with stakeholders, including the leadership of the National Assembly, the Governors’ Forum, Organised Labour Group (Nigeria Labour Congress and Trade Union Congress), and in consideration of the views expressed by well meaning Nigerians, the Federal Government of Nigeria has announced a downward review in pump price of Premium Motor Spirit (PMS) from the Maximum Indicative Benchmark Open Market Price of N141/litre announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) on 1st January 2012 to a regulated pump price of N97/litre.
By this announcement, the price of petrol at all retail stations across the nation, now sells at N97/litre.
All suppliers are hereby advised to honour their Q4 2011 supplies, so that the nation does not go into supply shock.
In the coming days/weeks, the PPPRA will engage Operators in further consultation to ensure that the price change implementation is hitch-free.