Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, on Wednesday held a meeting with major stakeholders in the downstream sub-sector.
They discussed the recent speculations of an imminent increase in the pump price of petrol.
A statement from Petroleum Products Pricing Regulatory Agency, PPPRA, said “after exhaustive deliberations, stakeholders present were in the affirmative that the speculations of an imminent upward price review of PMS were unfounded.
“This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA Pricing Template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre.
“The claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days.”
At the meeting were the Group Managing Director (NNPC), Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Acting Executive Secretary, Petroleum Equalisation Fund (Management) Board(PEF), Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), as well as Chief Executives of Oil Marketing Companies (OMCs).
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