A meeting between the Federal Government and oil marketers in Abuja yesterday declared that it is deceptive to hold that pump price of petrol should be increased from the current N145 per litre.
The stakeholders held that the current market fundamentals, as captured on the Petroleum Products Pricing Regulatory Agency (PPPRA) Pricing Template for petrol confirmed that the market is operating within the existing price band of N135-N145 per litre.
The meeting was presided over by the Minister of State Petroleum Resoiurces, Dr. Ibe Kachikwu, a statement by PPPRA said.
According to the agency, the meeting was called following “recent news making the rounds in the media, pointing to an imminent increase in the pump price of Premium Motor Spirit (PMS)”.
The meeting “reviewed the state of the downstream sub-sector, especially as it relates to products supply, distribution, pricing and forex sourcing. The meeting also reviewed recent concerns expressed at certain quarters, on the sustainability of the current PMS price band.
“After exhaustive deliberations, stakeholders present were in the affirmative that the speculations of an imminent upward price review of PMS were unfounded.
“This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA Pricing Template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre. The claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days”.
The PPPRA assure all stake holders of uninterrupted products supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust Downstream Sub-Sector.
The statement added that Dr. Kachikwu assured Nigerians of government’s continued commitment to the welfare and well-being of the citizenry.
Those at the meeting were the Group Managing Director (NNPC), Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Acting Executive Secretary (PEF), Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), as well as chief executives of oil marketing companies.
Former managing directors of the NNPC in a meeting last Saturday expressed concern on the capping of petrol pump price at N145 per litre by the government.