Kachikwu

Ayorinde Oluokun/Abuja

The Federal Government finally deregulated the price of premium motor spirit, popularly known as petrol on Wednesday after a long drawn stake holders meeting in Aso Rock presidential villa, presided over by Vice President Yemi Osinbajo.

At the end of the meeting also attended by the Minister of State for Petroleum Resources, the Federal government announced that it is raising the price of petrol, with N145.00 as the highest price the product will sell for.

The government said the Petroleum Products Pricing and Regulatory Agency, PPPRA will announce details of the new price later.

The government said the measure is aimed at curbing the scarcity of the product.

The Petroleum Products Pricing Regulatory Agency, (PPPRA) on Wednesday evening confirmed N145 as the maximum price per litre for sale of premium motor spirit, otherwise known as petrol in filling stations across the country.

The Agency, in a statement signed by Sotonye E. Iyoyo, its Executive Secretary however advised retail stations owned by state oil company, the Nigeria National Petroleum Corporation, NNPC operating at the outskirts of major cities to sell at a lower price.

The statement by the PPPRA confirmed earlier announcement by Ibe Kachikwu, the Minister of State for Petroleum Resources and the Group Managing Director, NNPC on the price hike. The PPPRA said the increase in price will ensure efficient supply and distribution of petroleum products across the country.

PPPRA said “Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry.

In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian Consumers, Marketers and the Economy.

“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

“This review became imperative in the face of extreme difficulties faced by Petroleum Product Importers in sourcing foreign exchange. To meet the consumption demand of the Nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all Citizens.”