Regina Otokpa 
The Petroleum Products Pricing Regulatory Agency (PPPRA) has described as misleading reports making the rounds in the media announcing an increase in the price of Premium Motor Spirit (PMS) to N212.6 per litre. This was contained in the agency’s March template published on Thursday night, showing that the retail price of petrol would sell between the market band of N209.61 and N212.61, with an ex-depot price of N206.42 per litre and a landing cost of N189.61 for petrol. However, the agency rushed to delete the March template announcing a new petrol price of N212.61 from its website yesterday afternoon, before releasing a statement signed by its Executive Secretary, Abdulkadir Saidu, and made available to journalists, denying any such increase. He, however, said the template was only indicating current market realities.
While maintaining that the pump price of price remains at N161 despite indicated upward price trends in the past few months, Saidu gave assurances of adequate products supply, noting that the average PMS Day-Sufficiency as of March 11, 2021 was over 35 days.
He said: “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS. “The PPPRA by this release wishes to state clearly that the guiding prices posted on our website were only indicative of current market trends and do not translate to any increase in pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading.’
‘ On his part, Minister of State for Petroleum Resources, Timipre Sylva, has urged Nigerians to disregard any information suggesting an increase in petrol pump price, as there was no approval to that effect. According to him, the Federal Government would not abandon discussions with organised labour, which has been ongoing for months on petrol increase, only to respond to the global rise in the price of crude which inevitably led to an increase in the price of PMS to affect an increase. He said: “It is unthinkable that government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.
“I want to assure you that it is completely untrue. Neither Mr. President who is the Minister of Petroleum Resources nor my humble self who deputise for him as Minister of State has approved that the pump price of petrol should be increased by one naira. I therefore urge you to disregard this misleading information.
“Cynicism and deceit have never been the trademark of the administration of President Muhammadu Buhari. I would like to equally assure you that the engagement with organised labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done.” In a tweet on its official page, the Nigerian National Petroleum Corporation (NNPC) insisted there was no increase whatsoever in the exdepot price of PMS. According to the Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, the ex-depot price which oil marketers buy products at the depots was the determinant of the prices filling stations sell petrol. While appealing to motorists not to engage in panic buying, the corporation also reiterated that there were enough products nationwide.
The corporation added: “NNPC stands by that statement that we issued on March 1 that we are not increasing the Ex-depot price in the month of March and that is what it is. “There is no need for panicking and I can tell you from our own point of view that we will not increase the pump price of petrol and we are still standing by that March 1 decision.”
