Fuel to sell at less than N145/litter at some NNPC outlets

A statement released by the Petroleum Products Pricing Regulatory Agency (PPPRA ) indicates that even though the newly announced petrol price regime allows marketers to sell petrol at a maximum of N145/litre, NNPC retail outlets will sell at prices lower than N145/liter.

 

“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre,” the statement reads.

 

The Ministry of Petroleum announced today that in order to increase and stabilise the supply of petrol, any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by regulatory agencies. All oil marketers will be allowed to import PMS on the basis of foreign exchange procured from secondary sources and accordingly PPPRA template will reflect this in the pricing of the product.

 

The PPPRA is statutorily responsible for moderating pricing for the petroleum industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework early this year, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian Consumers, Marketers and the Economy.

 

“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all citizens, the Agency’s spokesperson said.