The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has revealed that the administration of President Muhammadu Buhari has no immediate plans to raise the price of petrol at the pump, despite the ongoing fuel shortage that has forced Nigerians to pay prices above the N165 approved retail price.
” the Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days,” it added.
The authority’s remarks come amid rumours of plans by the federal government to increase the pump price of fuel as the nation’s ongoing fuel shortage stretched further on Wednesday.
In some filling stations in Abuja, the cost of the product increased to as much as N285 per litre.
According to oil marketers, the cost of fuel on the black market in Lagos had increased to roughly N450/litre, while it was sold for more money in certain other states.
The regulatory authority further warned marketers against hoarding and diversion of the product warning that it will continue to monitor the supply and distribution of fuel nationwide.
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