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. “Consequent upon this (Federal Government’s) 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. “In view of the foregoing, oil marketers are hereby advised to adhere strictly to this new price regime, as the PPPRA, in conjunction with the Department of Petroleum Resources shall enforce compliance in order to ensure that consumers benefit fully from this new review. In other words, any violation of the prevailing price regime, shall attract appropriate sanctions. “It is therefore our wish to advise Nigerians against any form of panic-buying, as there are enough products in all depots across the country. We also wish to assure Nigerians that the PPPRA, in exercise of its mandate, is fully committed to ensuring adequate supply and distribution of petroleum product,” Ahmed said in the statement. It would be recalled that President Goodluck Jonathan had approved a downward review of the pump-price of fuel from N97 to N87per litre, with effect from January 19, 2015.
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