The Department of Petroleum Resources (DPR) has reached an agreement with over 27 operators in the downstream sector in order to ensure stability in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol.
Last week, there was palpable tension and uncertainty over new fuel price at ₦212 per litre but was later suspended.
Depot facility operators, union leaders of retail outlets and other downstream operators agreed that petrol would be sold at the stipulated ex-depot price of N148.17 per litre. Government will still continue its subsidy until Nigeria can refine its fuel.
The agreement would end an unnecessary, spontaneous hike in prices of petroleum products.
Retail outlets at the meeting organised by DPR in Port Harcourt, blamed the staggering prices of petrol on failure of depot operators to sell the product at a uniform price, stressing that the development forced operators to sell according to how they buy the product.
“It is time to bring all stakeholders together to operate on the same page. The Federal Government has not increased the price of petrol, and as such, anyone who contravenes the rules will be sanctioned. With the agreement to sell petrol at N148.17, no retail outlet should sell petrol above N165,” a DPR spokesperson said.
Source: The Guardian