The Federal Government has no plans to increase the price of Premium Motor Spirit, PMS, known as petrol, Abdulkadir Saidu, the Executive Secretary, Petroleum Products Pricing Regulatory Agency, PPPRA, said Tuesday.
Saidu stated in a statement in Abuja that the retail price of petrol remained at the subsisting price cap of N145 per litre.
He urged Nigerians to ignore the growing speculation on the purported imminent increase in the pump price, advising marketers to ensure there was no price distortion in their respective retail outlets.
He added that PPPRA would continue to carry out its oversight function of monitoring exercise in depots and in all filling stations across the country.
This, he said, was to ensure adherence to the regulated price and to nip in the bud other forms of sharp practices at retail outlets.
The executive secretary further warned that adequate sanctions awaited any erring filling station.
He commended the petroleum product marketers in the country for embracing dialogue with the federal government to resolve the issues arising from payment of the outstanding fuel subsidy claims.
Saidu said embarking on strike was not always the best option to address any industrial dispute, irrespective of the circumstances, adding that the multiplier effects were always too much to bear.
He appealed to the leadership of the oil marketers’ associations to cooperate with government to find a workable solution to the issues emanating from the payment of subsidy arrears.
He also noted that PPPRA would continue to support, cooperate and collaborate with marketers to ensure conducive industrial climate where the best of the oil and gas sector could be showcased.
Saidu also assured Nigerians of PPPRA’s total commitment to service delivery and uninterrupted petroleum product supply and distribution especially during this festive period and beyond.
He appealed to motorists and other PMS consumers to desist from panic-buying, as PPPRA was working hard with other agencies of government to ensure adequate supply and distribution of petroleum products nationwide.
