The Petroleum Products Pricing Regulatory Agency, PPPRA, has threatened to shut down any filling station in the country selling petrol above 97 Naira per litre.
The agency has also given an assurance that it has not approved any increase in the price of the product, neither are there any plans to do so.
The Executive Secretary of the PPPRA, Farouk Ahmed said: “The petroleum products regulatory agency hereby assures Nigerians that the official pump price of Premium Motor Spirit remains 97 naira per litre, as the agency has not approved any pump price increase.”
He added that there were sufficient quantities of the product in the country to guarantee uninterrupted supply, and that all petroleum marketers should release products in their tanks and depots for sale.
To ensure compliance with its directive, the PPPRA said that it would be working with the Department of Petroleum Resources, DPR, to monitor the situation at all retail outlets.
The agency also assured Nigerians that the official pump price of petrol remains 97 naira per litre.
In a statement signed by the Executive Secretary of the Agency, Mr Farouk Ahmed, the agency made clarification following reports that some petroleum marketers are hoarding petroleum products in the vain anticipation of fuel price increase.
The statement further explained that there are sufficient products country to guarantee uninterrupted fuel supply and motorists are therefore advised to shun panic-buying.
Mr Ahmed also added that loading of products has been uninterrupted in all NNPC depots across the country.
The agency directed all petroleum marketers to release for sale products in their tanks and depots and at the officially approved pump price.
The agency promised to work with the Department of Petroleum Resources to ensure compliance at all retail outlets in the country.