The Petroleum Products Pricing Regulatory Agency (PPPRA) has warned that it is illegal to sell petrol above the government approved price of N125 per litre.
President Buhari on Wednesday reduced the pump price of petrol from N145/litre to N125/litre using a newly introduced price modulation template and in line with the falling price of crude oil in the international market. This reduction, however, has not been implemented by many filling stations around the country as they were observed selling at the old pump price of N145 per litre.
This led the Executive Secretary of the Agency, Saidu Abdulkadir to monitored compliance to the new price on Thursday. Mr Abdulkadr however said that the agency has not sealed any of the erring filling stations yet but promised that actions will be taken against such stations from Friday. He noted that the agency is currently engaging stakeholders on the new price to ensure that it is implemented nationwide.
“We are having a meeting with every stakeholder in this regard. This will be sorted out pretty soon. We are meeting with Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) with NNPC. The PPPRA is working out the modalities of coming up with a new price template. The approved price of N125 per litre comes into effect from today – Thursday – which will be applicable till the end of the month,” he concluded.