N5 Increase: PPPRA Addresses Nigerians on Speculated Hike in Fuel Price

The Petroleum Products Pricing Regulatory Agency (PPPRA), said Nigerians should ignore rumours of an impending hike in the price of Premium Motor Spirit, PMS, also known as petrol.

 

The PPPRA, in a statement signed by its Executive Secretary, Mr. Abdukadir Saidu, on Tuesday in Abuja disclosed that the price of PMS remained N145 per litre nationwide’

 

He said that there was no attempt to hike the price of the commodity by N5 per litre.

“The PPPRA has observed the growing speculation on a purported imminent increase in the pump price of Premium Motor Spirit (PMS) by N5.00 per litre.

“The Agency hereby wishes to dispel this rumour and assuage the concerns of Nigerians.

 

“As the agency of government saddled with the responsibility of regulating petroleum products pricing, supply, and distribution, we want to assure the Nigerian public that the subsisting pump price cap for PMS remains N145 per litre across the country and as such, Nigerians should please ignore the speculation on the price increase.”

 

Saidu added, “We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at a regulated price, for the benefit of all.”

 

The rumour of an impending hike in the price of PMS was triggered by a Bill in the Senate which is seeking to introduce a fuel levy of N5, chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products.

 

This was in addition to a number of taxes and levies which the Bill is proposing to be used to fund the proposed National Roads Fund.

 

However, Senate President, Mr. Bukola Saraki, had clarified that the proposed National Road Fund Bill recommended by the Senate Committee on Works would not lead to any increase in the current pump price of fuel, NAN reports.