The Petroleum Products Pricing Regulatory Agency (PPPRA) has debunked the rumour of an increase in the price of petroleum in the country said to have been triggered by the Guiding Prices posted on the agency,
Reacting to the rumoured increase in fuel price, the PPPRA issued a release signed by the describing ti as attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has Executive Secretary of the agency, Abdulkadir Saidu. Saidu said wwhat was indicated on its website was “indicative of current market trend” rather than increase. He words: “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 trends on a daily basis to determine guiding prices.”
PPPRA said it was aware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS and also the current discussion going on between the government and the organised labour on the deregulation policy. The agency said it does not fix or announce prices and therefore did not increase fuel pump price. “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, ” Saidu said.
The PPPRA assured the public of adequate products supply as the average PMS Day Sufficiency as of March 11, 2021 is over 35 days. It also promised to continue performing its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.