Fuel Price Slash: PPPRA approves N77.6/litre ex-depot price for petrol

Oscarline Onwuemenyi 20 January 2015, Sweetcrude, Abuja – The Petroleum Products Pricing Regulatory Authority, PPPRA, on Monday directed depot owners to sell Premium Motor Spirit, PMS, at N77.6 per litre to dealers.

IPMAN-fuel pumpThis follows Sunday night’s downward review of the pump price of the product by the Federal Government.

Government officials have explained that the price slash, which was announced by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, is in consonance with Section 6, Clause 1, of the Nigerian Petroleum Act, necessitated by the prevailing volatility in the international oil market and the drop in crude oil price.

Consequent upon this announcement, the Executive Secretary of PPPRA, Mr Farouk Ahmed said in a statement in Abuja that in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products,  the next export price of PMS  is N77.66 per litre.
“In view of the foregoing, Oil Marketers have been advised to adhere strictly to this new price regime,” Ahmed said.
He added that the PPPRA, in conjunction with the Department of Petroleum Resources, DPR, shall enforce compliance in order to ensure that consumers benefit fully from this new review. “In other words, any violation of the prevailing price regime, shall attract appropriate sanctions,” he warned.
Ahmed further urged Nigerians to desist from panic buying or actions that may counteract the goodwill gesture by government.
According to him, “It is therefore our wish to advise Nigerians against any form of panic-buying, as there are enough products in all depots across the country.
“We also wish to assure Nigerians that the PPPRA, in exercise of its mandate, is fully committed to ensuring adequate supply and distribution of petroleum product,” the agency’s boss stated.
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