Library / PRESS RELEASE The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS. The PPPRA by this release wishes to state

PRESS RELEASE The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS. The PPPRA by this release wishes to state

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PRESS RELEASE 
The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has 
been drawn to speculations about the increased pump price of PMS. 
 
The PPPRA by this release wishes to state clearly that the Guiding Prices posted on 
our website was only indicative of current market trends and do not translate to any 
increase in pump price of PMS. However, publications by the media to this effect 
have been misconstrued and thus misleading.  
 
The Agency wishes to remind the general public of the introduction of the Market-
Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal 
Government. Based on this regulation, prices are expected to be determined by 
market realities in line with the dictates of market forces.  
 
One of the conditions for the implementation of the Market-Based Pricing Regime for 
PMS Regulation 2020 is the monthly release of Guiding Price to reflect current 
market fundamentals. 
 
The PPPRA in line with its mandate to maintain constant surveillance over all key 
indices relevant to pricing policy, monitors market trends on a daily basis to 
determine Guiding Prices.  
 
The Agency is not unaware of the challenges with the supply of PMS due to some 
concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of 
the current discussion going on between the government and the Organised Labour 
on the deregulation policy. While consultation with relevant stakeholders is ongoing, 
PPPRA does not fix or announce prices and therefore there is no price increase. The 
current PMS price is being maintained while consultations are being concluded.  
 
Even though market fundamentals for PMS in the past few months indicated upward 
price trends, the pump price has remained the same and we are currently monitoring 
the situation across retail outlets nationwide. 
 
While assuring the public of adequate products supply as the average PMS Day-
Sufficiency as of March 11, 2021 is over 35 days, the PPPRA pledges to continue to 
perform its statutory function in ensuring that the downstream sector remains vibrant 
as well as support both government and members of the public. 
 
Signed  
 
Abdulkadir Saidu 
Executive Secretary 
12/03/2021