The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the Guiding Prices posted on its website does not translate to any increase in pump price of PMS, rather an indicative of current market trends.
PPPRA, in a statement by its Executive Secretary, Abdulkadir Saidu, said the publications by the media to this effect have been misconstrued and thus misleading.
“The Agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals. The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trends on a daily basis to determine Guiding Prices”
Saidu noted that the agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS.
“PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy. While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase.
