The Petroleum Products Pricing Regulatory Agency on Tuesday stated that it did not approve any N5 increase in the pump price of Premium Motor Spirit, popularly known as petrol.
The PPPRA is the authorised agency of the Federal Government that fixes and regulates the prices of petroleum products across the country.
The agency dispelled speculations of an imminent increase in the price of petrol by N5 per litre and stated that it had not given any such approval to anybody or group.
Last week, the Senate Committee on Works under the National Road Fund Establishment Bill, proposed a fuel levy charge of N5 on every litre of PMS bought at any filling station.
Although the proposal has been condemned by various labour unions, the PPPRA stated on Tuesday that it was necessary to clear the air on the matter, considering the growing speculation about an imminent increase in petrol price.
The agency’s Executive Secretary, Mr. Abdukadir Saidu, said in a statement issued in Abuja, “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 price increase.
“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 regulated prices, for the benefit of all.”
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