Downstream Stakeholders say there will be no Fuel Price Increase

Downstream Stakeholders say there will be no fuel price hike.

That’s according to a statement jointly signed by Mrs Sotonye Iyoyo, acting Executive Secretary of PPPRA, Mr Obafemi Olawore, Executive Secretary, MOMAN and Mr Olufemi Adewole, Executive Secretary DAPPMA.

The meeting headed by the Minister of Petroleum Resources, Dr Ibe Kachikwu had in attendance the GMD of NNPC, Acting Executive Secretary of Petroleum Product Pricing Regulatory Agency, Major Oil Marketers Association of Nigeria among others.

Issues discussed at the meeting includes product pricing, distribution, supply and Forex sourcing.

Addressing the rumours on an imminent price hike,

“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.”

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