Government warns marketers against selling petrol above N125 per litre

Isola Moses | ConsumerConnect
Sequel to the Federal Government’s recent approval of the downward adjustment of fuel price, the Petroleum Products Pricing Regulatory Agency (PPPRA) has cautioned filling stations against selling petrol above the appropriate N125 per litre.
ConsumerConnect recalls that the government reduced pump price of petrol Wednesday, March 18 from previous N145 per litre to N125 per litre due to reported Coronavirus-triggered lingering volatility and the Saudi-Russia price war in the international oil market.
However, Saidu Abdulkadir, Executive Secretary of PPPRA, after he led his team to monitor the level of compliance by petrol stations in Abuja, FCT, Thursday, said though the Agency did not seal off defaulting stations on the day, yet he declared that action would be taken against erring filling stations from Friday, March 2020.
Report further indicated that Abdulkadir stated that the PPPRA would meet with marketers and other relevant stakeholders to ensure that the new N125 per litre price is implemented by retail outlets nationwide.
“We are currently discussing this with the marketers. We are having a meeting with every stakeholder in this regard.
“This will be sorted out pretty soon. We are meeting with Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) with NNPC,” the PPPRA Executive Secretary said.
According to him, the Federal Government will continually engage marketers and all other relevant stakeholders to ensure the new price is adhered to strictly.
He also revealed that a new pricing template will take effect from the April 1, 2020, which will reflect the international market fundamentals.
“The PPPRA is working out the modalities of coming up with a new price template. The approved price of N125 per litre comes into effect from Thursday, March 19, which will be applicable till the end of the month.
“From April 1st, 2020, the PPPRA will be going to be modulating a monthly price of petroleum products based on market fundamentals. What this new pricing regime will be looking at is actual market price and reflects its realities.
“The directive of Government to the NNPC to reduce the ex-Coastal price of PMS, despite the fact that the current stock of product was imported during the months of January and February, 2020, is highly commendable, although this action is not without costs to the Corporation.
“We believe that the recent efforts by the Government to develop an alternative fuels market will come to fruition in the medium term while various initiatives are being undertaken to deepen the utilisation of LPG/CNG as autogas in Nigeria,” he stated.

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