The Petroleum Products Pricing Regulatory Agency (PPPRA) said the Nigeria NNPC would have 41.73 per cent allocation for supply of Premium Motor Spirit in the second quarter.
“The NNPC has 41.73 percent of the total allocation, while the rest of the oil Marketing Companies got a total allocation of 58.27 percent,” a statement signed by Lanre Oladele, Head, Corporate Services, on Sunday in Abuja, said.
According to the statement, the Acting Executive Secretary of PPPRA, Mrs. Sotonye Iyoyo, says the agency will retain the retail prices of N86.00 for the NNPC, and N86.50 for the other Marketing companies. “Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets.”
On rumours that the agency was planning to increase the pump-price, PPPRA urged members of the public to ignore such rumour, as prevailing market indicators did not support such.
“PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide.
“We therefore assure Nigerians of our total commitment to service delivery, in the quest to deliver on our mandate to the people of Nigeria,” the statement said.
It urged motorists to desist from panic-buying, as PPPRA was working hard with other sister-organisations to ensure that the current supply and distribution challenges were resolved within the coming days.