FG Warns Petrol Panic Buying, Insists Price Remains N165

Amidst rumours of a reported increase, the Federal Government of Nigeria has maintained that the pump price of Premium Motor Spirit (PMS) remains 165 per litre calling on Nigerians not to panic.

The government seriously appealed to Nigerians against panic buying of petrol, assuring that over 2 billion litres were in various depots.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company, and the Pipelines and Product Marketing Company paid a visit to jetties in Apapa, Lagos.

Africa Today News, New York had on Monday reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) advised its members to adjust pump price to a minimum of N180 per litre.

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They explained that the move was necessitated by the increment in the ex-depot price of PMS by some private depots.

But Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) told them to comply with the regular pricing template.

Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel).

He disclosed that after the challenge in the movement of other products, President Muhammadu Buhari approved that the freight rate for trucks be increased.

‘There’s a N10 addition, which we will apply to the different routes to enable trucks to move to docks easily with less burden. We appeal to operators within this industry to play by the rules.

‘PMS is a regulated product and the prices are fixed, the ex-depot price is known. The pump price remains N165 and the authority is ever ready to enforce those rules’.

The official added that stakeholders would, in the coming days, close the supply gaps and resolve the ongoing scarcity of petrol.

Africa Today News, New York

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