The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) on Friday, maintained that the price of Premium Motor Spirit (PMS) alternatively known as petrol remains N162/litre.
This was even as it warned petroleum marketers against hoarding and price increase.
Chief Executive Officer (CEO), NMDRA,Farouk Ahmed stated this while reacting to reports that Petrol is being sold at loading depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price.
Ahmed in a statement said this has caused erroneous insinuation of an imminent increase in the price of the product.
He stressed that the product price has not changed and that the Federal Government has no intention of an upward adjustment of the Price at the moment.
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) is assuring the general public that the price of Petrol has not been changed and that the Federal Government has no intention of an upward adjustment of the Price at the moment.
“The Authority wishes to inform the general public to note that the country has adequate stock of Petroleum and the NNPC has further assured of sufficient supply of Product.
“The CEO therefore, cautions marketers against hoarding and engaging in unwholesome practices that are inimical to the smooth supply of Petroleum,” the statement read.
Engr Ahmed also directed all operational offices of the Authority across the nation to ensure that all loading depots and retail outlets are dispensing petroleum at only the approved price.
He also urged motorists to desist from panic buying and report any erring marketer to the nearest office of the Authority.
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