FG Has No Plans to Hike Price of Petrol, Says PPPRA

FG Has No Plans to Hike Price of Petrol, Says PPPRA

The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday disclosed that the Federal Government has no plans to increase the pump price of petroleum product.

According to Victor Shidok, acting Executive Secretary of the agency, made this known while reacting to speculations that there would be an increase in the pump price of petroleum product, following an increase in the bridging allowance to transporters of petrol.

Recall that the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, had announced that the bridging allowance to transporters of Premium Motor Spirit, PMS, also known as petrol had increased from N6.20 to N7.20.

This development led to speculations of possible hike in the price of fuel.

However, Shidok noted that the additional N1 per litre transporters’ bridging fee for petrol will not in any way affect the pricing template for the commodity.

Describing the speculation as mere rumour, the agency Acting Executive Secretary noted that the template for PMS was not affected by the increase in transporters’ bridging allowance.

According to Shidok, “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.

“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.”

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