Depot owners across the country have been directed to sell petrol at N77 so as to reflect new pump price which government hurriedly announced at the weekend.
The Petroleum Products Pricing Regulatory Authority, PPPRA, the agency of government that regulate petroleum product prices issued the directive.
The assumed politically motivated price review according to government is in line with Section 6, Clause 1, of the Nigerian Petroleum Act and was necessitated by the drop in crude oil price.
Executive Secretary of PPPRA, Mr Farouk Ahmed said in a statement in Abuja that in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products, the next export price of PMS is N77.66 per litre.
“In view of the foregoing, Oil Marketers have been advised to adhere strictly to this new price regime,” Ahmed said.
He added that the PPPRA, in conjunction with the Department of Petroleum Resources, DPR, shall enforce compliance in order to ensure that consumers benefit fully from this new review.
“In other words, any violation of the prevailing price regime, shall attract appropriate sanctions,” he warned.
Ahmed further urged Nigerians to desist from panic buying or actions that may counteract the goodwill gesture by government, saying “It is therefore our wish to advise Nigerians against any form of panic-buying, as there are enough products in all depots across the country.
“We also wish to assure Nigerians that the PPPRA, in exercise of its mandate, is fully committed to ensuring adequate supply and distribution of petroleum product,”.