By Sunday Ejike Benjamin
The Petroleum Products Pricing Regulatory Agency, (PPPRA) yesterday warned petroleum marketers against selling the product above N97 per litre, even as it assures Nigerians that the Agency has not approved any pump price increase and there are no plans to do so.
A statement by the Executive Secretary, PPPRA, Farouk Ahmed said the clarification becomes necessary following reports that some petroleum marketers are hoarding petroleum products in the vain anticipation of fuel price increase.
“PPPRA wishes to further assure the Nigerian public, that there are sufficient PMS in the country to guarantee uninterrupted fuel supply, and motorists are therefore advised to shun panic-buying, as loading of products has been uninterrupted in all NNPC depots across the country”, the statement said.
The Agency directed all petroleum marketers to release for sale products in their tanks and depots and at the officially approved pump price.
“To ensure compliance, the PPPRA and the Department of Petroleum Resources (DPR), shall be working closely to monitor the situation at all retail outlets, and shall not hesitate to shut down any filling station found hoarding products or selling above the official price”, the statement added and reassured Nigerians that it remains resolute to its mandate of ensuring adequate products supply and distribution nationwide.