NMDPRA cautions marketers against unauthorised increase in pump price of petrol – The Street Journal

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned petroleum marketers against increasing the price of the product beyond the approved figure.

The Chief Executive Officer (CEO) of the Authority, Engr Farouk Ahmed, who disclosed this in Abuja on Friday, 5 November, explained that some members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are selling petrol above the official price.

He said: “It has come to the notice of the Authority that Premium Motor Spirit (PMS) popularly known as Petrol is being sold by Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price which is caused by the erroneous insinuation of an imminent increase in the price of the product.”

He assured that there is adequate supply saying, “The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) is assuring the general public that the price of Petrol has not been changed and that the Federal Government has no intention of an upward adjustment of the price at the moment.”

The Authority urged the general public to note that the country has adequate stock of Petroleum and the NNPC has further assured of sufficient supply of the Product.

The CEO, therefore, cautioned marketers against hoarding and engaging in unwholesome practices that are inimical to the smooth supply of Petroleum, News Guru reports.

Engr. Ahmed has directed all operational offices of the Authority across the nation to ensure that all loading depots and retail outlets are dispensing petroleum at only the approved price.

He also urged motorists to desist from panic buying and report any erring marketer to the nearest office of the Authority.

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