We won’t increase petrol pump price, says PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says it has no plan to increase the price of petrol in the country.

Lanre Oladele, the agency’s head of corporate services, disclosed this in a statement issued in Abuja on Sunday.

The statement said the pump price of household kerosene (HHK) would also remain unchanged from what it was in the last quarter.

“The agency will retain the retail prices of N86.00 for the NNPC, and N86.50 for the other marketing companies,” the statement read.

“Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets.”

It further added that PPPRA would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.

PPPRA appealed to depot owners to strictly adhere to the prevailing truck-out policy made by the agency, to ensure that petroleum products got to their designated retail outlets nationwide.

It warned that adequate sanctions awaited any depot-owner found to be hoarding products.

The statement added that the Nigerian National Petroleum Corporation (NNPC) would have 41.73 per cent allocation for supply of premium motor spirit (PMS) in the second quarter.

“The NNPC has 41.73 per cent of the total allocation, while the rest of the oil marketing companies got a total allocation of 58.27 per cent,” the statement read.

“PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide.

“We therefore assure Nigerians of our total commitment to service delivery, in the quest to deliver on our mandate to the people of Nigeria.”

It urged motorists to desist from panic-buying, saying PPPRA was working hard with other sister-organisations to ensure that the current supply and distribution challenges were resolved within the coming days.

Despite the agency’s statement, the current scarcity of petrol has allowed many filling stations to sell above the official petrol price to as high as N200 per litre, even in Abuja.