The Federal Government has said that the fixed pump price of Premium Motor Spirit -PMS remains 165 naira per litre as stipulated in the petroleum product pricing template.
The government also advised Nigerians against panic buying of PMS, also known as petrol, saying that the country currently had over two billion litres of PMS in various depots. This was made known by the Nigerian Midstream and Downstream Petroleum Regulatory Authority -NMDPRA, Nigerian National Petroleum Company -NNPC, and the Pipelines and Product Marketing Company -PPMC after visiting jetties in Apapa, Lagos.
However, Executive Director, Distribution Systems, Storage and Retail Infrastructure, NMDPRA Ugbugo Ukoha, maintained that petrol was a regulated product and urged marketers to comply with the pricing template. Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which was a critical product used in transporting petroleum products from the depots to the retail outlets.