FG apologises over fuel price confusion, warns against panic buying

The Federal Government has apologised to Nigerians over the N212.61 petrol price confusion in the country, just as it warns against hoarding of the product by marketers and panic buying by motorists.

Minister of State for Petroleum Resources, Mr Timipreye Sylva, urged Nigerians to disregard the increase, explaining that it was a mix-up.

He spoke on Friday at the groundbreaking ceremony of the Rungas composite cylinder manufacturing plant in Alaro City Free Zone, Epe, Lagos.

The Petroleum Products Pricing Regulatory Agency has clarified that its publication of monthly template does not amount to increasing the price of petroleum products.

Executive Secretary, PPPRA, Abdulkadir Saidu, said in a statement, “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.

“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 an increase in the pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading.

“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.” He also stated, “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 overall 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 the PMS due to some concerns leading the NNPC to be the sole importer of the PMS. The 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.”

He added, “Even though market fundamentals for the 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 the 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.”