According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Federal Government has no plans to raise the cost of Premium Motor Spirit (PMS) during the holiday season.
It stated that this advisory addresses price and availability speculations regarding Premium Motor Spirit (PMS).
The authority mentioned that the Nigerian National Petroleum Corporation Limited (NNPCL) imported PMS, and the current stock levels are adequate for 34 days.
As a result, the regulator advised consumers and businesses to avoid buying in a panic.
-Advertisement – On Wednesday, the NMDPRA’s Corporate Communications issued a statement in which they expressed the organization’s hope that the advisory will address speculations regarding the price and availability of Premium Motor Spirit.
In its entirety, the statement reads:Premium Motor Spirit (PMS) price and availability rumors are addressed in this advisory.The Authority would like to let the general public know that the Federal Government has no plans to raise PMS prices during this time.
“With current stock levels sufficient for 34 days, the Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS.
As a result, marketers and the general public should avoid buying in a flurry, diverting products, and hoarding.
“The Authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide, especially during this holiday season, in accordance with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA).”