The Petroleum Products Pricing
Regulatory Agency (PPPRA) and key oil marketers in Nigeria’s downstream
petroleum sector have said that the current fundamentals guiding the
importation and sale of petrol in the country were still favourable for
petrol to be sold within the government approved pump prices of N135 to
N145 per litre.
The PPPRA and marketers, which include
the Nigerian National Petroleum Corporation (NNPC), Major Oil Marketers
Association of Nigeria (MOMAN), and Depot and Petroleum Products
Marketers Association (DAPPMA), stated this after an emergency meeting
with the Minister of State for Petroleum, Dr. Ibe Kachikwu, in Abuja.
The meeting, according to a statement
from PPPRA, was convened by Kachikwu as a response to recent news of a
possible increase in the pump price of petrol.
It was attended by the Group Managing
Director (GMD) of NNPC, Dr. Maikanti Baru; the acting Executive
Secretary of PPPRA, Mrs. Sotonye Iyoyo; the acting Executive Secretary
of Petroleum Equalisation Fund (PEF), Mr. Ahmed Bobboi; the Executive
Secretary of MOMAN, Mr. Obafemi Olawore; and the Executive Secretary of
DAPPMA, Mr. Olufemi Adewole.
The statement was however signed by the
trio of Iyoyo, Olawore and Adewole. It stated: “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,” it added.
The PPPRA from this, assured Nigerians that the country would continue to have an uninterrupted supply and distribution of petroleum products.
The PPPRA from this, assured Nigerians that the country would continue to have an uninterrupted supply and distribution of petroleum products.
It said the promise was in line with its
overall goal of facilitating a vibrant and robust downstream sector,
adding that Kachikwu had also assured Nigerians of the federal
government’s continued commitment to their welfare and well-being.
Former GMDs of the NNPC had last
Saturday stated that the price cap of N145/litre on petrol was not
consistent with the liberalisation policy of the government especially
with the foreign exchange rate and other price determining components
such as crude cost, Nigerian Ports Authority (NPA) charges, remaining
uncapped.
They then suggested that the government’s cap on pump price be taken off to allow for market parity.
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