The Petroleum Products Price Regulatory Agency has said the latest pricing template it released does not translate to an increase in the pump price for Premium Motor Spirit, otherwise known as petrol.
In a statement obtained by Financial Street on Friday, the Executive Secretary of PPPRA, Abdulkadir Saidu, said that the price could only be determined by market realities in line with the dictates of market forces.
He said, “In line with its mandate to maintain constant surveillance over all key indices relevant to pricing, the agency 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 PPPRA.”
Saidu said the agency was mindful of the current discussions going on between the government and the organised labour on the deregulation policy.
“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 assured the public of adequate product supply, adding that the agency would continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.
In its earlier template obtained by Financial Street, the agency had fixed Nigeria’s petrol price at N209.61-N212.61 per litre, for the month of March 2021, meaning that at the current pump price of N170 per litre, the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is still subsidising the product with N42 per litre.
