Don’t Distort N145/litre Fuel Price, PPPRA Warns Marketers

petrol
  • Don’t Distort N145/litre Fuel Price, PPPRA Warns Marketers

The Petroleum Products Pricing Regulatory Agency on Tuesday cautioned oil marketers against distorting the approved pump price of Premium Motor Spirit, popularly known as petrol.

According to the agency, which is in charge of fixing the price of white petroleum products – petrol and kerosene, the approved cost of PMS at retail filling stations has not changed beyond N145 per litre.

The Executive Secretary, PPPRA, Abdulkadir Saidu, refuted the growing speculation of an imminent increase in the price of petrol and noted that the speculation was being made by some interest groups.

He therefore advised oil marketers to ensure that there was no price distortion in their respective retail outlets, adding that PPPRA would continue to carry out its oversight function of monitoring depots and filling stations across the country.

This, he said, would ensure strict adherence to the regulated price and nip in the bud other forms of sharp practices at retail outlets.

Saidu specifically warned that adequate sanctions awaited any erring filling station that was found wanting.

He commended oil marketers for their dialogue with the Federal Government to resolve issues on the payment of their outstanding subsidy claims.

The PPPRA boss noted that embarking on strike was not always the best option to address industrial disputes and appealed to oil marketers associations to cooperate with the government in finding a solution to the issue.

Saidu said that PPPRA was totally committed to ensuring uninterrupted petroleum products supply and distribution, especially during the festive period and beyond.

He said that motorists and other PMS consumers should desist from panic-buying as PPPRA was partnering other agencies of government to ensure that there was no short fall in the supply and distribution of petroleum products nationwide.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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