NMDRA: No approval for petrol price increase yet

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) has said that no approval had been granted to oil marketers to raise the pump price of petrol in the country.

Chief Executive Officer of the new agency, Mr Farouk Ahmed, in a statement in Abuja yesterday, noted that any insinuations of an imminent increase of the depot price of the product was erroneous.

The midstream/downstream oil and gas industry regulator, therefore, cautioned marketers against hoarding and engaging in unwholesome practices that are inimical to the smooth supply of the product.

“It has come to the notice of the Authority that Premium Motor Spirit (PMS) popularly known as petrol is being sold at loading depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price which is caused by the erroneous insinuation of an imminent increase in the price of the product.

“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) is assuring the general public that the price of petrol has not been changed and that the federal government has no intention of an upward adjustment of the price at the moment.

“The authority wishes to inform the general public to note that the country has adequate stock of petroleum and the NNPC has further assured of sufficient supply of product,” Ahmed stressed.

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Ahmed disclosed that he had directed all operational offices of the organisation across the nation to ensure that all loading depots and retail outlets are dispensing petroleum at only the approved price.

He also urged motorists to desist from panic buying and report any erring marketer to the nearest office of the industry regulator.

There had been public apprehension over a possible nationwide fuel crisis as indications emerged since last week that private depot owners increased the price of the product from N148 per litre to N157.

The situation prompted members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to slow down on the lifting of the product which resulted in scarcity in some parts of the country.

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