Petroleum Products Pricing Regulatory Agency (PPPRA) Executive Secretary Abdulkadir Saidu yesterday refuted the growing speculation on the purported imminent price increase in the pump price of Premium Motor Spirit (Petrol).
He noted that the retail price of Premium Motor Spirit (Petrol) remains at the subsisting price cap of N145 per litre.
In a statement issued in Abuja, Saidu urged marketers to ensure that there is no price distortion in their respective retail outlets.
The PPPRA, he said, would keep carrying out its oversight function of monitoring prices in depots and in filling stations across the country, to ensure adherence to the regulated price and to stop other forms of sharp practices at retail outlets.
He warned that adequate sanctions await any erring filling stations found wanting.
The Executive Secretary hailed the petroleum oil marketers for embracing dialogue with the Federal Government to resolve the issues arising from payment of the outstanding fuel subsidy claims.
Saidu noted that embarking on strike was not always the best option to address any industrial dispute, irrespective of the circumstances, because the multiplier effects are always too much to bear.
The PPPRA boss, therefore, appealed to oil marketers’ associations’ leadership to cooperate with the Federal Government to find a workable solution to the issue emanating from the payment of subsidy arears.
He assured the oil marketers of PPPRA’s continuous support, cooperation and collaboration at ensuring a conducive industrial climate, where the best of the oil and gas sector could be showcased.
Saidu also assured Nigerians of PPPRA’s total commitment to service delivery and uninterrupted petroleum products supply and distribution, especially during this festive period and beyond.
He, therefore, appealed to motorists and other PMS consumers to desist from panic-buying, as PPPRA is working hard with other agencies of government to ensure that there was no shortfall in the supply and distribution of petroleum products nationwide.