Press Statement: Downstream Stakeholders Dispel Rumours of an Imminent PMS Price Increase

Following the recent news making the rounds in the media, pointing to an imminent increase in the pump price of Premium Motor Spirit (PMS), an emergency meeting was held today, between major Stakeholders in the Downstream Sub-Sector, presided over by the Honourable Minister of State for Petroleum Resources/Board Chairman, (NNPC) Dr. Emmanuel Ibe Kachikwu.

Present at the meeting were the Group Managing Director (NNPC), Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Acting Executive Secretary (PEF [M] B), Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), as well as Chief Executives of Oil Marketing Companies (OMCs).

The meeting reviewed the state of the Downstream Sub-sector, especially as it relates to products supply, distribution. pricing and FOREX sourcing. The meeting also reviewed recent concerns expressed at certain quarters, on the sustainability of the current PMS price band.

After exhaustive deliberations, Stakeholders present were in the affirmative that the speculations of an imminent upward price review of PMS was unfounded. This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA Pricing Template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre. The claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days.

The PPPRA used the opportunity to assure all Stakeholders of uninterrupted products supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust Downstream Sub-Sector. On his part, the Honourable Minister of State for Petroleum Resources assured all Nigerians of Government’s continued commitment to the welfare and well-being of the citizenry.

Sotonye E. Iyoyo (Mrs.)           Obafemi Olawore (Mr.)         Olufemi Adewole (Mr.)
Ag. Executive Secretary             Executive Secretary                    Executive Secretary
(PPPRA)                                        (MOMAN)                                    (DAPPMA)