The Petroleum Products Pricing Regulatory Agency (PPPRA) has come out to quell the rumour that government is planning a N5 increase in the pump price of petroleum product, insisting that the cost of Premium Motor Spirit, popularly known as petrol remains the same.
PPPRA is the authorised agency of the Federal Government of Nigeria with the regulatory powers for the prices of petroleum products across the country. It dispelled speculations of an imminent increase in the price of petrol by N5 per litre, stating that it had not given any such approval to anybody or group.
It would be recalled that the Senate Committee on Works in its National Road Fund Establishment Bill, proposed a fuel levy charge that will force end-users, including motorists, to pay N5 tax on every litre of PMS bought at any filling station. Although the move was rebuffed by various labour unions, the PPPRA on Tuesday (June 6, 2017) stated that it was necessary to clear the air on petrol price, considering the growing speculation about an imminent increase in PMS cost following reports of the proposal by the Senate committee.
Mr. Abdukadir Saidu, Executive Secretary of the body in a statement said, “The PPPRA has observed the growing speculation on a purported imminent increase in the pump price of PMS by N5 per litre. The agency hereby wishes to dispel this rumour and assuage the concerns of Nigerians.
“As the agency of government saddled with the responsibility of regulating petroleum products pricing, supply, and distribution, we want to assure the Nigerian public that the subsisting pump price cap for PMS remains N145 per litre across the country and as such, Nigerians should please ignore the speculation on the price increase.” Saidu added, “We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at a regulated price, for the benefit of all.”