The Petroleum Products Pricing Regulatory Agency (PPPRA), has said the price template published on its website, was only indicative of current market trends and do not translate to any increase in pump price of PMS, otherwise called fuel or petrol.
The agency had in a template published on its on Thursday, said that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February.
The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.
The template had prompted media reports to the effect that the government had effected increase in fuel price, causing the agency to pull it down from its website.
Though the NNPC subsequently issued a statement maintaining that there is no increase in fuel price, some filling stations are currently selling the product above N200 per litre.
But clarifying the template posted on its website, the PPPRA in a statement by its Executive Secretary, Abdulkadir Saidu, noted that price of petrol is to be decided by market forces.
“The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading,” the statement read.
“The Agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.
“The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trends on a daily basis to determine Guiding Prices.
“The Agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy. While consultation with relevant stakeholders is ongoing PPPRA does not fix or announce prices and therefore there is no price increase. The current PMS price is being maintained while consultations are being concluded.
“Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.
“While assuring the public of adequate products supply as the average PMS Day Sufficiency as of March 11, 2021 is over 35 days, the PPPRA pledges to continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.”