Skip to main content

No plan to increase fuel price – Petroleum Stakeholders

PPPRA logo

PPPRA logo

Major stakeholders in the petroleum downstream sub-sector have dismissed the report of an imminent increase in the price of fuel.

This is contained in a statement jointly signed by Mrs Sotonye Iyoyo, acting Executive Secretary of PPPRA, Mr Obafemi Olawore, Executive Secretary, MOMAN and Mr Olufemi Adewole, Executive Secretary DAPPMA.

The statement said in Abuja on Wednesday that the envisaged increase in fuel was unfounded and uncalled for.

It said that a decision not to increase the price of fuel was reached at a meeting of the major stakeholders presided over by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu.

The statement said the Group Managing Director of (NNPC), acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), and acting Executive Secretary of Petroleum Equalisation Fund (PEF) were at the meeting.

Other stakeholders present were the Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), and chief executives of oil marketing companies, it said.

It said that the meeting reviewed the state of the downstream sector, especially as it was related to products supply, distribution, pricing and Forex sourcing.

According to the statement, the meeting also reviews the recent concerns expressed at certain quarters on the sustainability of the current fuel price.
.
It said that after exhaustive deliberations, stakeholders present were in the agreement that the speculations of an imminent upward price review of petrol were unfounded.

The position of the stakeholders was based on the current market fundamentals of PPPRA pricing template for petrol as the market was operating within the existing price of N135 and N145 per litre.

According to the statement, the claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated in the last few days.

It said that the PPPRA used the opportunity to assure all stakeholders of uninterrupted products supply and distribution.

The statement said that Kachikwu had assured all Nigerians of Federal Government’s continued commitment to the welfare and well being of the people.

Labels:

Comments

Post a Comment

Popular posts from this blog

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...
Post a Comment
Read more

UK gets new prime minister Wednesday

Britain Home Secretary Theresa May to be officially unveiled as UK’s new Prime Minister on Wednesday David Cameron is to step down as Prime Minister on Wednesday after Prime Minister’s Questions. Theresa May will succeed him. An eurozone’s top official says it’s important that Britain’s next prime minister gets on with sorting out the implications of Britain’s decision to leave the European Union as soon as possible, reports Associated Press. Speaking after it became apparent that Theresa May could replace David Cameron as soon as this week, Jeroen Dijsselbloem said the next British prime minister will have to “find solutions for the Brexit which has been causing a lot of problems particularly for the U.K., but also for Europe.” He said that the “sooner we can sort out this problematic situation the better.” Dijsselbloem spoke ahead of a meeting of the eurozone’s 19 finance ministers in Brussels. Though Britain’s decision to leave the EU isn’t a primary topic of discussion, the ...
Post a Comment
Read more