NIPCO Plc has directed all its retail outlets in Abuja and environs to immediately revert to N87 per litre new pump price of fuel as decided by government.
The company has also threatened serious sanctions should any of its managers resort to any form of sharp practice.
Taofeek Lawal, corporate affairs manager of the NIPCO told our correspondent that its technical department accompanied by retail unit staff will move to all its stations in lagos and environs including ogun state to confirm proper compliance.
“we will ensure nobody is short changed at any of our retail outlets by way of buying the product at old price.
All our over 150 outlets managers have been directed to comply immediately as they would be sanctioned should we hear of any awful development as per selling at 97 naira” Lawal said.
According to him, We shall continue the monitoring until full compliance as a responsible corporate organization
Loading is continuing effectively as some of our stations who have exhausted their stock over the weekend are making arrangement to load immediately
Activities at the terminal is going on without hitch. We will not allow any sharp practices to stain our earned reputation in any manner.
Meanwhile, 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 federal government has explained that the action was 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,”.