Business News Politics

Filling stations swift in pump price adjustment in FCT, delayed when price revised lower

Filling stations in the federal capital territory (FCT) were swift in adjusting their pump price while enforcing the directive of the Petroleum Product Pricing Regulatory Agency (PPPRA) on upward review of the price as against the previous month of June when the price was reviewed downwards.
PPPRA, on Tuesday, announced the guiding pump price of Premium Motor Spirit (Petrol) from N140.80-N143.80 per litre for major oil marketers and independent marketers for the month of July .
On the spot assessment by BusinessDay at filling stations in the FCT showed swift adjustments by various managements of such outlets, without citing concerns of selling off old stock, the reason some of them gave in June when the price band was revised lower at N121.50 and N123.50.
At Oando filling station in Dutse Junction, along Kubwa Expressway in the FCT, the manager of the station who identified himself as Abdukareem told BusinessDay that the enforcement of the price band was according to government’s directive of the price for the month of July.
Other filling stations monitored by our correspondent such as Eterna and NIPCO filling stations along Kubwa Expressway had already adjusted their pump price to reflect the directive of the PPPRA selling at N143.80.
The adjustment, BusinessSDay learnt, is in line with the Federal Government’s approval for a monthly review of Premium Motor Spirit (PMS) pump price.
The PPPRA Executive Secretary, Abdulkadir Saidu, revealed that the guiding price comes into effect from 1st of July and is expected to apply at all retail outlets nationwide for the month .
Saidu, while explaining factors that influenced the price band said, “after a review of the prevalent market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable ,we wish to advise a new PMS price band of N140.8p-N143.80 per litre for the month of July 2020.”
He stated that PPPRA and other relevant regulatory Agencies will continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
“Members of the Public and all Oil Marketing Companies are to be guided accordingly”, Saidu said, adding:”All marketers are advised to operate within the indicative prices advised by the PPPRA.”
“Kindly note that the ex-depot for the collection includes the statutory charges of bridging fund, marine transport average, transport allowance and administrative charge,” he stated.
See also  Lockdown: FG urged to make online teaching compulsory for schools