No Plan to Raise Petrol Pump Price by N5, Says PPPRA

petrol Oil
  • No Plan to Raise Petrol Pump Price by N5

The Petroleum Products Pricing Regulatory Agency (PPPRA), on Tuesday said it has no plan to increase the pump price of petrol in the country by N5 per litre, stating that the news that it had such plan were untrue.

In a statement signed by its Executive Secretary, Abdukadir Saidu, in Abuja, the agency confirmed that the approved pump price of petrol across the country was still N145 per litre, and urged the public to ignore speculations it had approved a new price.

“The Petroleum Products Pricing Regulatory Agency (PPPRA) has observed the growing speculation on a purported imminent increase in the pump price of Premium Motor Spirit (PMS) by N5.00 per litre.

“The agency hereby wishes to dispel this rumour and assuage the concerns of Nigerians,” said the statement.

It added, “As the agency of government saddled with the responsibility of regulating petroleum products pricing, supply and distribution, we want to assure the Nigerian public that the subsisting pump price cap for Premium Motor Spirit (PMS) remains N145 per litre, across the country and as such, Nigerians should please ignore the speculation on price increase.

“We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at regulated price, for the benefit of all.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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