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FG Says Petrol Price Remains N165 Per Litre 

The Federal Government has said the fixed pump price of premium motor spirit (PMS) remains N165 per litre as stipulated in the petroleum product pricing template.

This was made known by top officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company (NNPC), and the Pipelines and Product Marketing Company (PPMC), after a visit to some depots in Lagos, on Tuesday.

The depots visited were NIPCO Depot and TotalEnergies Depot.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had, on Monday, said it could no longer sell premium motor spirit (PMS) at the regulated price due to a “hostile” business environment.

However, Executive Director, Distribution Systems, Storage, and Retail Infrastructure (NMDPRA), Ugbugo Ukoha, urged marketers to comply with the pricing system.

Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of diesel, which was a critical product used in transporting petroleum products from the depots to the retail outlets.

“So, when we observed that this poses a big challenge in the movement of other products, we made the representation to the minister of state for petroleum and Mr. President graciously approved that the freight rate for trucks be increased.

“There’s a N10 addition, which we will apply to the different routes to enable trucks to move to docks easily with less burden. With these kinds of efforts from the government, we can only continue to appeal to operators within this industry to play by the rules.

“PMS is a regulated product and the prices are fixed. The ex-depot price is known. The pump price remains N165 and the authority is ever ready to enforce those rules. So, we will continue to urge Nigerians to keep within these operating rules”, Ukoha said, adding that the focus of the stakeholders in the next few days would be to close the supply gap and resolve the ongoing scarcity of petrol as soon as possible.

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