In response to speculations over purported imminent hike in the pump price of Premium Motor Spirit (PMS), Petroleum Products Pricing Regulatory Agency (PPPRA) and oil Marketers in the nation’s downstream sub-sector have reaffirmed that the price band of N135-N145 is what currently obtains as there are no plans to review it, urging Nigerians to disregard the rumour.
This was contained in a press release signed by the Acting Executive of Petroleum Products Pricing Regulatory Agency (PPPRA), Sotonye Iyoyo, the Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), Obafemi Olawore and the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA) Olufemi Adewole yesterday.
The statement noted that the affirmation was made at an emergency meeting held with the stakeholders in the Downstream Sub-Sector, presided over by the Minister of State for Petroleum Resources, (NNPC) Dr. Emmanuel Ibe Kachikwu.
“After exhaustive deliberations, Stakeholders present were in the affirmative that the speculation of an imminent upward price review of PMS was unfounded. This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA Pricing Template for 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 statement read in part.
By the statement, Nigerians were urged not to indulge in panic buying, assured of uninterrupted supply of the commodity.
“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,” it read further.