The Petroleum Products Pricing Regulatory Agency (PPPRA), has refuted growing speculation on the purported imminent price increase in the pump price of Premium Motor Spirit (Petrol).
Executive Secretary of PPPRA, Abdulkadir Saidu, who disclosed this in a statement on Tuesday, stated that the retail price of Premium Motor Spirit (Petrol) remains at the subsisting price cap of N145 per litre.
He urged marketers to ensure that there is no price distortion in their respective retail outlets.
The PPPRA, Saidu said, shall continue to carry out its oversight function of monitoring exercise in depots and in all the filling stations across the country, to ensure adherence to the regulated price and to nib in the bud other forms of sharp practices at retail outlets.
He specifically warned that adequate sanctions await any erring filling stations found wanting.
The PPPRA boss commended the petroleum oil marketers in the country for embracing dialogue with Federal Government to resolve the issues arising from payment of the outstanding fuel subsidy claims, noting that embarking on strike is not always the best option to address any industrial dispute, irrespective of the circumstances because the multiplier effects is always too much to bear.
Saidu assured Nigerians of PPPRA total commitment to service delivery and uninterrupted petroleum products supply and distribution especially during this festive period and beyond.
He, therefore, appealed to motorists and other PMS consumers to desist from panic-buying, as PPPRA is working hard with other Agencies of government to ensure that there is no shortfall in the supply and distribution of petroleum products nationwide.