– The Petroleum Products Pricing Regulatory Agency (PPPRA) explains that the additional N1 per litre transporters’ bridging fee for petrol will not in any way affect the pricing template for the commodity
– The agency states that the price cap for PMS remains N145/litre
– The PPPRA assures the public of uninterrupted supply and distribution of petrol in the country
The PPPRA has dismissed reports of a hike in petrol price.
The federal government has dismissed reports on plans to increase the price of Premium Motor Spirit (PMS), popularly known as petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement on Sunday April 9, said there is no plan to increase the price of petrol, Premium Times reports.
The agency was reacting to speculation that there would be an increase in the price of the product following an increase in the bridging allowance to transporters of petrol.
GistMall.com learnt that the speculation on the price hike was triggered by an earlier announcement by the Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC), that the bridging allowance to transporters of PMS had increased from N6.20 to N7.20.
The development prompted mixed reactions among consumers, with many speculating that there would be a hike in the pump price of petrol.
But the PPRA, explained that the additional N1 per litre transporters’ bridging fee for PMS will not in any way affect the pricing template for the commodity.
The acting executive secretary of the PPPRA, Victor Shidok, described the speculation as mere rumour.
He said that the template for PMS was not affected by the increase in transporters’ bridging allowance.
Shidok said: “Following the news making rounds of an imminent increase in the pump price of PMS by N1/litre as a result of a corresponding increase in the Petroleum Equalisation Fund’s bridging allowance, the PPPRA wishes to state that there is no truth whatsoever in the claim.
“As the agency of government responsible for products’ price adjustment, we wish to categorically state that the price cap for PMS remains N145/litre, and that the recent additional N1/litre transporters’ bridging rate shall not in any way affect the PPPRA template.
“The PPPRA uses this opportunity to again assure all stakeholders and members of the public of uninterrupted products’ supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust downstream oil and gas sub-sector.”
Meanwhile, GistMall.com reports that the price of rice is expected to fall to as low as N6000 in the next six months according to Alhaji Aminu Goronyo who is the president of Rice Farmers Association of Nigeria (RIFAN).
The Nation reports that Goronyo spoke over the weekend where he said farmers have intensified production of local rice and this will see the price of rice go down.
He said rice was being sold for as low as N10000 in some northern state and that the increase in demand has also positively affected farmers.
The president of RIFAN noted that more farmers were now taking advantage of the Central Bank of Nigeria’s (CBN’s) Anchor Borrowers Programme and that his association was mobilising more farmers to participate.