By Amaechi Idumuebor (AGENDAWATCHDOG) – According to the Petroleum Products Pricing Regulatory Agency (PPPRA), Nigerians were misled by media reports about the purported increase in the pump price of Premium Motor Spirit.
The PPPRA, an NNPC subsidiary that regulates the price of petroleum products, had posted what it called ‘Guiding Prices’ on its website that put the price of petrol at N212, up from the current rate of N162, which elicited a loud uproar from many Nigerians.
But the PPPRA said its ‘Guiding Prices’ was “only indicative of current market trends and do not translate to any increase in the pump price of PMS.”
The Federal Government last year announced that the price of petrol will now be determined by market forces as it attempts to cut back on subsidy payments. The product’s price has recently been on the rise, at some point exceeding $70 per barrel.
Recall that the NNPC had earlier said there will be no increase in the pump price in March.