PPPRA rules out hike in petrol price, begs marketers

The Petroleum Products Pricing Regulatory Agency (PPPRA) has ruled out plans to increase the pump price of Premium Motor Spirit (PMS) also known as petrol.

The Executive Secretary, Abdulkadir Saidu, who spoke yesterday in Abuja ahead of the Christmas and New Year festivities, cautioned oil marketers against selling above the official N145 per litre for the product.

He also warned motorists against panic buying and storage of petroleum products in homes and vehicles.

According to him, the PPPRA would not relent in monitoring depots and filling stations nationwide to ensure adherence to regulated prices and check sharp practices at retail outlets.

He threatened sanctions against erring facilities.

Saidu commended the oil marketers for embracing dialogue in the protracted N800 billion subsidy debt crisis with the Federal Government, noting that strike was never a best option out of any disputes owing to its multiplier effects on the citizens and economy.