The Petroleum Products Pricing Regulatory Agency, PPPRA, has said there is no plan to increase the official price of petrol in the country. The agency also said the state oil firm, NNPC, would have 41.73 per cent allocation for supply of Premium Motor Spirit in the second quarter.
This is contained in a statement signed by Lanre Oladele, Head, Corporate Services, on Sunday in
Abuja
.
"The NNPC has 41.73 per cent of the total allocation, while the rest of the oil Marketing Companies got a total allocation of 58.27 per cent.
According to the statement, the Acting Executive Secretary of PPPRA, Sotonye Iyoyo, says the agency will retain the retail prices of N86.00 for the NNPC, and N86.50 for the other Marketing companies.
It added that the pump price of Household Kerosene (HHK) would also remain unchanged from what it was in the last quarter.
"Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets."
It further added that PPPRA would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.
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.
It warned that adequate sanctions awaited any depot-owner found to be hoarding products.
On the news making the rounds that the agency was planning to increase the pump-price, it urged members of the public to ignore such rumour, as prevailing market indicators did not support such.
"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
," the statement said.
It urged motorists to desist from panic-buying, as PPPRA was working hard with other sister-organisations to ensure that the current supply and distribution challenges were resolved within the coming days.
Despite the agency's statement, the current scarcity of petrol across
Nigeria
has allowed many filling stations to sell above the official petrol price to as high as N200 per litre including in the Nigerian capital,
Abuja
.
(NAN)
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer
Source: Equities.com News
(April 3, 2016 - 7:30 PM EDT)
News by QuoteMedia
www.quotemedia.com
