Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu yesterday presided over an emergency meeting with major stakeholders in the downstream petroleum sub-sector.
The meeting was called in response to recent speculations of an imminent increase in the pump price of Premium Motor Spirit (PMS) popularly called petrol.
Present were the Group Managing Director (NNPC), Acting Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Acting Executive Secretary (PEF [M] B), Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), as well as chief executives of Oil Marketing Companies (OMCs).
The meeting reviewed the state of the downstream sub-sector, especially as it relates to products supply, distribution, pricing and FOREX sourcing. It also reviewed recent concerns expressed at certain quarters, on the sustainability of the current PMS price band.
A statement jointly signed by the Acting Executive Secretary of PPPRA, Mrs. Sotonye E. Iyoyo, Executive Secretaries of MOMAN Mr. Obafemi Olawore and DAPPMA Mr. Olufemi Adewole, said the stakeholders agreed 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,” they said.
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