Fuel priceBy Obas Esiedesa, Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) on Friday disclosed that there is no imminent plan by the Federal Government to raise the pump price of premium motor spirit (petrol).

The Chief Executive Officer of the Authority, Engr. Farouk Ahmed in a statement in Abuja cautioned oil marketers against introducing a hike in the price of the product.

Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had during the week raised the alarm that private depot owners had increased the price of petrol by N9 per litre.

Mr. Ahmed noted that the government has no plan to implement an increase in the price of the product.

He said: “It has come to the notice of the Authority that Premium Motor Spirit popularly known as petrol is being sold at loading depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price which is caused by the erroneous insinuation of imminent increase in the price of the product.

“The NMDRA is assuring the general public that the price of Petrol has not been changed and that the Federal Government has no intention of upward adjustment of the Price at the moment.

“The Authority wishes to inform the general Public to note that the country has adequate stock of Petroleum and the NNPC has further assured of sufficient supply of Product”.

The CEO warned marketers against hoarding and engaging in unwholesome practices that “are inimical to the smooth supply of Petroleum”.

Engr. Ahmed also directed all operational offices of the Authority across the nation to ensure that all loading depots and retail outlets are dispensing petroleum at only the approved price. 

He also urged motorists to desist from panic buying and report any erring marketer to the nearest office of the Authority.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed had last week revealed that the government would continue to subsidise the price of petrol till July next year.

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