The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday announced reduction in the ex-depot price of fuel from N81.51 to N77.66 per litre.
This is contained in a statement issued in Abuja by the Executive Secretary, PPPRA, Mr Farouk Ahmed.
Ahmed said the reduction in ex depot price was sequel to the reduction in the Premium Motor Spirit otherwise known as petrol from N97 to N87 per litre by the Federal Government.
“The announcement, which was made by the Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, is in consonance with Section 6, Clause 1, of the Nigerian Petroleum Act.
“The announcement is necessitated by the prevailing volatility in the international oil market and the drop in crude oil price.
“Consequent upon this announcement, the PPPRA, in exercise of its mandate of determining the pricing policy and setting benchmark prices of petroleum products, hereby further announces the new Ex-Depot price of PMS as N77.66 per litre,” he said.
According to him, in view of the foregoing, oil marketers are hereby advised to adhere strictly to this new price regime.
He said the PPPRA, in conjunction with the Department of Petroleum Resources, shall enforce compliance to ensure that consumers benefit fully from this review.
“In other words, any violation of the prevailing price regime shall attract appropriate sanctions,” he said.
He advised Nigerians against any form of panic buying, as there were enough products in all depots nationwide.
He also assured that the PPPRA, in exercise of its mandate, was fully committed to ensuring adequate supply and distribution of petroleum product.(NAN)
