28 February 2014, Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) has said there is no incease in the pump price of premium motor spirit (PMS) or petrol, warning marketers to desist from selling the product higher than the regulated price of N97 per litre.
Its Executive Secretary, Farouk Ahmed, assured Nigerians that the price of the product has not been increased, adding that the government has no plans to do that now.
“PPPRA assures Nigerians that the official pump price of PMS remains N97 per litre, as the agency has not approved any pump price increase and there are no plans to do so.
“This clarification becomes necessary following reports that some petroleum marketers are hoarding petroleum products in the vain anticipation of fuel price increase.
“PPPRA wishes to further assure the Nigerian public that there are sufficient PMS in the country to guarantee uninterrupted fuel supply, and motorists are therefore, advised to shun panic-buying, as loading of products has been uninterrupted in all NNPC depots across the country.”
In a state,ment, PPPRA directed petroleum products marketers to release products in their tanks and depots for sale to members of the public at the approved pump price.
According to him, to ensure compliance, the PPPRA and the Department of Petroleum Resources (DPR), will collaborate to monitor the situation at all retail outlets, warning that the agency will not hesitate to shut down any filling station found hoarding products or dispensing fuel above the official price.
Ahmed reassures Nigerians that it remains resolute in its mandate of ensure adequate products supply and distribution nationwide.
– The Nation