The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has allayed fears among Nigerians, declaring that the Nigerian authorities will not increase the price of Premium Motor Spirit (petrol) during the festive period.
NMDPRA spokesperson, Kimchi Apollo, made this known while reacting to insinuations that the federal government wants to increase the price of petroleum products.
He further revealed that the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels that will serve the Nigerian populace for more than one month.
“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.
“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season,” he said.
The pump price of PMS at present stands between N178 and N180 per litre inside Abuja city centre while the remote stations sell the product between N200 and N250 per litre.