The Petroleum Products Pricing Regulatory Agency, PPPRA, has denied fixing a new price for Premium Motor Spirit, PMS, also known as petrol, as widely reported in the early hours of Friday.
This was contained in a press release issued on Friday by the PPPRA Executive Secretary, Abdulkadir Saidu.
The agency said it “does not fix or announce prices”, adding that “the current PMS price is being maintained while consultations are being concluded”.
It added that while market fundamentals for PMS in the past few months have indicated upward price trend, the pump price has remained the same.
“The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.
“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.
“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,” it added.
