The Petroleum Products Pricing Regulatory Agency (PPPRA) has vowed to curb profiteering at various depots by marketers who are taking advantage of Nigerians.
Members of Independent Petroleum Marketers Association of Nigeria (IPMAN) had cried out over allegation of extortions by depot owners who well premium motor spirit (PMS) otherwise called petrol at above recommended official ex-depot price of N133 per liter.
The Acting Executive Secretary, PPPRA, Mr Victor Zamani Shidok, stated this while addressing journalists in his Abuja recently. He disclosed that as the commercial regulator for the downstream industry, the agency will not allow long queues to emerge at filling stations by ensuring effective monitoring of distribution of petroleum products.
He warned that Nigerians should not be disturbed by speculations associated with deregulation since the agency is alive to deal with dubious marketers.
According to him, “The PPPRA has been operating according to its mandate which has helped to eliminate long queues responsible for long hours being spent at filling stations which was a common occurrence before its establishment in the year 2000.
“Over the past 16 years since the establishment of PPPRA, Nigeria has never witnessed a situation of perennial scarcity of petroleum products apart from occasional hiccups from supply challenges. In the area of distribution challenges, PPPRA has been able to establish stability in the downstream sector of the petroleum industry,” he said.
In a post deregulation regime as being envisaged by Nigerians, he argued that “We can say that we have not fully deregulated but I am bold to say that we have achieved 75 per cent of downstream deregulation making it possible to buy fuel without long queues at filling stations.”