Stakeholders Say Petrol to Remain N145 Per Litre

Stakeholders in the Nigerian petroleum industry on Wednesday dismissed speculations on possible increase in the price of petrol.

In a statement issued after a meeting, the stakeholders said the price range of N135 to N145 was still tenable despite changes in foreign exchange.

Present at the meeting were the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikainti Baru: Acting Executive Secretary, Petroleum Products Pricing Regulatory Agency, Mrs. Sotonye Iyoyo; Acting Executive Secretary, Petroleum Equalisation Fund, Mr. Ahmed Bobboi; Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore and the Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole, as well as chief executive officers of oil marketing companies.

“The meeting reviewed the state of the downstream sub-sector, especially as it relates to products supply, distribution, pricing and forex sourcing. The meeting also reviewed recent concerns expressed at certain quarters, on the sustainability of the current PMS price band.

“After exhaustive deliberations, stakeholders present were in the affirmative that the speculations of an imminent upward price review of the PMS was unfounded. “

It added, “This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA pricing template for the PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre. The claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days.

“The PPPRA used the opportunity to assure all stakeholders of uninterrupted products supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust downstream sub-sector. On his part, the Minister of State for Petroleum Resources assured all Nigerians of government’s continued commitment to the welfare and well-being of the citizenry.”