20 January 2017, Abuja – The Petroleum Products Pricing Regulatory Agency on Thursday said that the kerosene market had been fully deregulated and that there was no plan to increase petrol price.
Its reaction on kerosene was based on the recent astronomical hike in the price of the product and calls by consumers as well as operators for an intervention by the Federal Government.
In a statement issued in Abuja, the agency said, “The attention of the PPPRA management has been drawn to the news stories and speculations in the media of an imminent fuel scarcity over marketers’ unpaid N660bn debt and other sundry issues.
“The stories under reference claimed, among others, that fuel queues may return to retail outlets across the country anytime soon, following the Federal Government’s inability to settle marketers’ N660bn debt and non-availability of foreign exchange to fund fuel imports.
“The PPPRA wishes to state unequivocally that these stories are gross misrepresentation of available facts at our disposal, hence misleading.
“For the avoidance of doubt, the national petroleum products stock data and import plan currently indicate that the country has two months Premium Motor Spirit, otherwise known as petrol sufficiency, hence we want to assure motorists and commuters alike that the products’ supply situation is robust and able to cater for the fuel needs of all Nigerians pending when ongoing challenges are addressed.”
It stated that as “a corollary to the above, the PPPRA also wants to inform that contrary to a widely-held belief on the status of kerosene, the product is fully deregulated.”
The agency appealed to Nigerians to remain calm and desist from any form of panic-buying, and assured petroleum product consumers of its total commitment to adequate supply and distribution across the country.
It said, “We also appeal to all depot owners to adhere strictly to the subsisting truck-out principle in order to ensure that products get to retail outlets across the country in a seamless manner.
“The agency shall not hesitate to apply appropriate sanctions where necessary.”