The Federal Government of Nigeria has explained the cause for the continuous rise in price of diesel but insists that pump price of Premium Motor Spirit (PMS) has not changed. saying that it’s still 165 per litre.
Recall that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had on Monday advised its members to adjust pump price to a minimum of N180 per litre.
However, authorities have warned against panic buying of the commodity, adding that there are about 2 billion litres in the reserve and depots.
On Tuesday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company, and the Pipelines and Product Marketing Company visited jetties in Apapa, Lagos.
They explained that the move was necessitated by the increment in the ex-depot price of PMS by some private depots.
But Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) told them to comply with the regular pricing template.
Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel).
He disclosed that after the challenge in the movement of other products, President Muhammadu Buhari approved that the freight rate for trucks be increased.Advertisment
“There’s a N10 addition, which we will apply to the different routes to enable trucks to move to docks easily with less burden. We 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”, NAN quoted him saying.