* Says guiding prices posted on website only indicative of current market trends
The Petroleum Products Pricing Regulatory Agency (PPPRA), on Friday, said the Guiding Prices posted on its website was only indicative of current market trends, and do not translate to any increase in pump price of PMS.
The agency in a statement by the Executive Secretary, Abdulkadir Saidu, reminded the public of the introduction of the Market-Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government.
It added that based on the regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
It 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.
“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,” the statement added.
The agency assured the public of adequate products supply as the average PMS Day-Sufficiency as of March 11, 2021 was over 35 days.
It also pledged to continue to perform its statutory functions in ensuring that the downstream sector remains vibrant as well as support both government and the consuming public.