The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) has said that no permission has been issued to oil marketers to raise the price of fuel at the pump in the nation.
In a statement issued yesterday in Abuja, Mr. Farouk Ahmed, Chief Executive Officer of the new agency, stated that any indication of an impending hike in the depot price of the commodity was incorrect.
As a result, the midstream/downstream oil and gas sector regulator warned marketers against stockpiling and indulging in unwholesome actions that are detrimental to the product’s steady supply.
“It has come to the notice of the Authority that Premium Motor Spirit (PMS) 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 Nigerian Midstream and Downstream Petroleum Regulatory Authority (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,” Ahmed stressed.
Ahmed stated that he has asked all operational offices around the country to guarantee that all loading depots and retail outlets are only distributing gasoline at the permitted price.
He also asked motorists to avoid panic buying and to report any erring marketers to the industry regulator’s local office.
There has been popular concern about a potential statewide fuel crisis since last week, when private depot owners raised the price of the commodity from N148 per litre to N157.
Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) were advised to slow down on product lifting as a result of the situation.
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