TheCable

The Petroleum Products Pricing Regulatory Agency (PPPRA ) has directed retail outlets of the Nigerian National Petroleum Corporation (NNPC) on the outskirts of major cities to sell petrol below the new pump price of N145.

The agency gave the directive in a statement issued to confirm the new price regime in the petroleum sector.

The statement signed by Sotonye Iyoyo, acting executive secretary of the PPPRA, indicated that the sector was still under the government’s price modulation policy and not deregulated.

“Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian consumers, marketers and the economy,” the statement read.

“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.

“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.”

Earlier on Wednesday when he announced the review, Ibe Kachikwu, minister of state for petroleum, said the regulatory body will ensure that the new price will not be above N145.