The Petroleum Products Pricing Regulatory Agency has clarified issues regarding fuel increase saying it does not fix the price of Premium Motor Spirit, otherwise known as petrol.
It said this in a statement issued on Friday to clarify a misunderstanding that followed a template it issued on its website.
The template was taken to mean that, as from March, petrol would be sold at a lower retail price of N209.61 and at an upper retail price of N212.61.
in the statement signed by the Executive Secretary, Abdulkadir Saidu, said the template was only indicative of current market trends and do not translate to an increase in the pump price of PMS.
The statement said, “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.
The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS. However, 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 trend on a daily basis to determine Guiding Prices.
“Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.
“While assuring the public of adequate products supply as the average PMS Day Sufficiency as of March 11, 2021, is over 35 days, the PPPRA pledges to continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.”