The PPPRA Executive Secretary, Abdulkadir Saidu in a statement in Abuja, on Friday clarified that the guiding prices posted on its website was only indicative of the current market trends and do not translate to an increase in the pump price of PMS.’
He explained that the introduction of the market-based pricing regime for PMS Regulation 2020 was gazetted by the FG and due to the regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of guiding prices to reflect current market fundamentals.
“The PPPRA in line with its mandate to maintain constant surveillance of all key indices relevant to pricing policy also monitors market trends daily to determine Guiding Prices,’’ he said.
Saidu said that the agency is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy and PPPRA does not fix or announce prices.
According to him, the current PMS price is being maintained while consultations are being concluded.
He, therefore, assured the public of adequate products supply as the average PMS Day-Sufficiency of March 11, 2021, was over 35 days