The Petroleum Products Pricing Regulatory Agency has said it
does not fix the price of Premium Motor Spirit, otherwise known as petrol.
It said this in a statement issued on Friday to clarify a
misunderstanding that followed a template it issued on its website.
The template was taken to mean that, as from March, petrol
would be sold at a lower retail price of N209.61 and at an upper retail price
of N212.61.
Clarifying the template, the PPPRA in the statement signed by the Executive Secretary, Abdulkadir Saidu, said the template was only indicative of current market trends and do not translate to an increase in the pump price of PMS.
The statement said, “The attention of the Petroleum Products
Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the
increased pump price of PMS.
“The PPPRA by this release wishes to state clearly that the
Guiding Prices posted on our website was only indicative of current market
trends and do not translate to any increase in pump price of PMS. However,
publications by the media to this effect have been misconstrued and thus
misleading.
“The Agency wishes to remind the general public of the
introduction of the Market Based Pricing Regime for PMS Regulation 2020 as
gazetted by the Federal Government. Based on this regulation, prices are
expected to be determined by market realities in line with the dictates of
market forces.
“One of the conditions for the implementation of the
Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of
Guiding Price to reflect current market fundamentals.
“The PPPRA in line with its mandate to maintain constant
surveillance over all key indices relevant to pricing policy, monitors market
trend on a daily basis to determine Guiding Prices.
“The Agency is not unaware of the challenges with the supply
of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA
is also mindful of the current discussion going on between the government and
the Organised Labour on the deregulation policy. While consultation with
relevant stakeholders is ongoing, PPPRA does not fix or announce prices and
therefore there is no price increase. The current PMS price is being maintained
while consultations are being concluded.
“Even though market fundamentals for PMS in the past few
months indicated upward price trends, the pump price has remained the same and
we are currently monitoring the situation across retail outlets nationwide.
“While assuring the public of adequate products supply as
the average PMS Day Sufficiency as of March 11, 2021, is over 35 days, the PPPRA
pledges to continue to perform its statutory function in ensuring that the
downstream sector remains vibrant as well as support both government and
members of the public.”
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