The outrage and anger expressed by Nigerians yesterday following the proposed price template of N212.60 per litre of petrol as released by the Petroleum Products Pricing Regulatory Agency (PPPRA) on its portal may have forced the agency to backtrack.
The N212 per litre price template released by PPRA will mean over N47 increase per litre of petrol, a situation which generated anger and panic buying among Nigerians yesterday ahead of anticipated price hike.
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There were also long queues in Abuja, Lagos and other cities as some petrol stations shut down in anticipation of another price hike.
However, the Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday said a litre of fuel is still N165 and that there is no fuel price increase yet.
PPPRA’s Executive Secretary, Abdulkadir Saidu, who disclosed this in a statement yesterday, said the speculations about the increase in the pump price of Premium Motor Spirit (PMS) was untrue.
Saidu said, “The PPPRA by this release wishes to state clearly that the guiding prices posted on our website were 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 are 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.
“The agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of the current discussion going on between the government and the organised labour on the deregulation policy. While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase. The current PMS price is being maintained while consultations are being concluded.”
The PPPRA further assured members of the public of adequate products’ supply, saying that as the average PMS Day-Sufficiency as of March 11 was over 35 days.
In a related development, the Kano State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday said it did not receive any form of official correspondence to hike fuel price to N212 per litre as being speculated.
IPMAN’s Chairman in the state, Alhaji Bashir Ahmad Danmalam, who disclosed this in Kano, directed its members to continue to sell at the current price until any contrary directive.
From Zakariyya Adaramola, Itodo Daniel Sule (Abuja) & Ibrahim Musa Giginyu, Kano
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