petrol price Archives - Naija Premium Gist

PPPRA clarifies position on petrol price template, confirms return of subsidy

The Petroleum Products Pricing Regulatory Agency (PPPRA) has said the petrol price template published on Friday was only an indication of current market trends.

In a statement signed by its Executive Secretary, Abdulkadir Saidu, the agency said the published template was in line with its mandate to maintain constant surveillance of key indices relevant to pricing policy and monitors market trends on a daily basis to determine Guiding Prices.

The statement read: “One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.

“The agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of the current discussion going on between the government and the organised labour on the deregulation policy.

While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase. The current PMS price is being maintained while consultations are being concluded.”

PPPRA also confirmed the return of fuel subsidy as it noted the government’s effort to keep the price of petrol at N162.

“Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide,” it added.

The agency, however, assured the public of adequate supply as the average PMS Day Sufficiency as of March 11 is over 35 days.

NLC president, Ayuba Wabba, in a statement, said the union would not accept such arbitrary increases in the price of petrol.

The Nigeria Labour Congress has asked the Nigerian government to revert to the old pump price of N158 petrol or face indefinite strike from workers.

The labour union said that the recent increase in fuel price was a breach of an agreement with the government at previous negotiations.

NLC president, Ayuba Wabba, in a statement, said the union would not accept such arbitrary increases in the price of petrol.

According to the statement, the increase has also cast in a very bad light organised labour’s utmost good faith with regards to government explanations that it lacks funds to continue bankrolling the so-called subsidy payments.

“Nigerians cannot be made to bleed endlessly, for the failures of successive governments, to properly manage our refineries, ensure value for money for the numerous turnaround maintenance, which was poorly executed,” the NLC said.

The union added that in line with its recent agreement with the government, it would be receiving updates in the next few days from affiliate unions in the petroleum sector and representatives in the electricity review committee.

The outcome of these engagements, labour said, would determine its next line of action in the coming days.