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FG speaks on plans to increase petrol price

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), says the Federal Government has no intention of increasing the price of Premium Motor Spirit (PMS) during the festive period.

It said that this advisory addresses speculations on the price and availability of Premium Motor Spirit (PMS).

The authority noted that the Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days.

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The regulatory authority, therefore, advised the public and marketers to avoid panic buying.

In a statement signed by Corporate Communications, NMDPRA, and made available on Wednesday, it expressed hope that the advisory addresses speculations on the price and availability of Premium Motor Spirit.

The statement reads in full: “This advisory addresses speculations on the price and availability of Premium Motor Spirit (PMS). The Authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period.

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“The Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days.

“Consequently, Marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide, especially during this holiday season.”

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