The Petroleum Products Pricing Regulatory Agency, PPPRA, has dismissed speculations that the official pump price of petrol could be increased soon.
According to the PPPRA Acting Executive Secretary, Sotonye Iyoyo, the agency would retain the retail prices of N86 for the NNPC and N86.50 for the other marketing companies.
He also assured that the pump price of Household Kerosene, HHK, would also remain unchanged from what it was in the last quarter.
The statement issued by Iyoyo says that “Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets.
“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.”
While calling on motorists to desist from panic-buying, the PPPRA said it would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.
Also, it 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, and warned that adequate sanctions awaited any depot-owner found to be hoarding products.
