Monday, 10 April 2017

No plan to increase petrol price — PPPRA

The Petroleum Products Pricing Regulatory Agency, PPPRA, says there is no plan to increase the price of petrol.

The agency, Sunday, was reacting to speculations that there would be an increase in the price of the product following an increase in the bridging allowance to transporters of petrol.

Earlier, Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation, NNPC, had announced that the bridging allowance to transporters of PMS had increased from N6.20 to N7.20.

The development triggered mixed reactions among consumers, with many speculating that there would be hike in the pump price of petrol.

But the PPRA, Sunday, explained that the additional N1 per litre transporters’ bridging fee for Premium Motor Spirit, popularly known as petrol, will not in any way affect the pricing template for the commodity.

Victor Shidok, acting Executive Secretary of the PPPRA, described the speculation as mere rumour, adding that the template for PMS was not affected by the increase in transporters’ bridging allowance.

“Following the news making rounds of an imminent increase in the pump price of PMS by N1/litre as a result of a corresponding increase in the Petroleum Equalisation Fund’s bridging allowance, the PPPRA wishes to state that there is no truth whatsoever in the claim,” Mr. Shidok noted.

“As the agency of government responsible for products’ price adjustment, we wish to categorically state that the price cap for PMS remains N145/litre, and that the recent additional N1/litre transporters’ bridging rate shall not in any way affect the PPPRA template.

“The PPPRA uses this opportunity to again assure all stakeholders and members of the public of uninterrupted products’ supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust downstream oil and gas sub-sector,” he added.

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