The Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, on Tuesday stated that the Federal Government was not considering the upward review of pump price of Premium Motor Spirit (PMS) also known as petrol.
In a statement made available to the media, the downstream top player advised Nigerians to ignore the growing speculation on the purported plans by government to jack up petrol pump price.
While charging products marketers to ensure that there is no distortion of prices in their retail outlets, Saidu assured that the PPPRA would continue to carry out its oversight function of monitoring of depots and all filling stations nationwide to forestall abuses of the pump price regime.
In addition, he threatened that appropriate sanctions would be imposed on any erring filling station.
This is even as he commended the petroleum product marketers for discussing with the Federal Government over the past weeks to resolve the issues arising from payment of their outstanding N800 billion fuel subsidy claims, urging the leadership of the marketers to cooperate with government to find a lasting solution to the subsidy arrears issue.
While assuring that PPPRA will continue to support, cooperate and collaborate with marketers to ensure conducive industrial climate in the downstream sector, Saidu urged motorists and other fuel consumers to eschew panic-buying, as all government agencies are working to ensure adequate supply of petroleum products nationwide on a sustainable basis.
