The Petroleum Products Pricing Regulatory Agency (PPPRA) on Friday said media reports about the increase in the pump price of Premium Motor Spirit, popularly known as petrol, were misleading.
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.
The information caused a stir among many Nigerians who are still battling the crippling effects of the coronavirus pandemic on the economy.
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.
But the PPPRA, which maintained that it “does not fix or announce prices” said the nation’s “pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.”
Parent agency, the NNPC, had earlier said there will be no increase in the pump price in March.