Sets Record Straight Over Hike In Fuel Price, Says It Still Remains At N162/Litre, SEE Explosive Details
Amidst speculation and reports suggesting otherwise, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) stood firm on Friday, reiterating that the price of Premium Motor Spirit (PMS), commonly known as petrol, remains unchanged at N162 per litre.
In a statement issued by Farouk Ahmed, the CEO of NMDRA, the regulatory body addressed concerns regarding alleged price hikes and hoarding by petroleum marketers, particularly at loading depots operated by members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
Ahmed emphasized that despite any indications to the contrary, the official petrol price remains consistent. Any perceived deviation from this established price has sparked misguided speculations of an impending price increase, which the government currently has no plans to enact.
“The NMDRA assures the public that the petrol price remains unchanged, and the Federal Government has no immediate plans for a price hike, ” Ahmed stated firmly.
The Authority sought to reassure the public of the country’s ample petrol supply, with the Nigerian National Petroleum Corporation (NNPC) committing to ensure sufficient product availability across the nation.
In light of these assurances, Ahmed urged petroleum marketers to uphold ethical standards and refrain from engaging in practices such as hoarding, which could disrupt the smooth distribution of petrol and potentially lead to artificial price inflation.
Furthermore, to enforce compliance with the approved petral price, Ahmed directed all operational offices of the Authority nationwide to conduct rigorous monitoring and oversight activities at loading depots and retail outlets. This directive aims to ensure that petrol is dispensed to consumers at the approved price without any unjustified markups.
In addition to regulatory oversight, Ahmed called upon motorists to exercise restraint and avoid succumbing to panic buying behaviors. He encouraged motorists to report any instances of price gouging or malpractice by petrol retailers to the nearest Authority office, underscoring the importance of community vigilance in maintaining fair and transparent petrol pricing practices.
Overall, the NMDRA’s statement serves as a firm reassurance to the public, affirming the regulatory body’ s commitment to safeguarding consumer interests and maintaining stability in the petrol market amidst ongoing challenges and uncertainties..
