Marketers dispel fuel price increment rumour

Following the recent news making the rounds in the media, pointing to an imminent increase in the pump price of Premium Motor Spirit (PMS),otherwise called petrol, the Federal Government and marketers have dispelled the rumour and assured Nigerians that the price band of N135-N145 per liter of petrol still subsists.

The spokesman of Petroleum Pricing Products Regulatory Agency (PPPRA), Lanre Oladele, said on Wednesday that an emergency meeting was held on Wednesday between major Stakeholders in the Downstream sub-sector, presided over by the Honourable Minister of State for Petroleum Resources/Board Chairman, Nigerian National Petroleum Corporation (NNPC), Dr Emmanuel Ibe Kachikwu.

Present at the meeting were the Group Managing Director (NNPC), Dr Bala Maikanti, Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Sotonye Iyoyo, Acting Executive Secretary (PEF [M] B), Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Femi Olawore, the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), Lanre Adewole, as well as Chief Executives of Oil Marketing Companies (OMCs).

According to a statement by PPPRA signed by Iyoyo, Olawore and Adewole, and made available to Nigerian Tribune in Wednesday, “The meeting reviewed the state of the Downstream Sub-sector, especially as it relates to products supply, distribution, pricing and foreign exchange challenges. The meeting also reviewed recent concerns expressed at certain quarters, on the sustainability of the current PMS price band.

“After exhaustive deliberations, stakeholders present were in the affirmative that the speculations 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 PPPRA, however, 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.

On his part, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, assured all Nigerians of Government’s continued commitment to the welfare and well-being of the citizenry.