FG insists on N165 petrol pump price, advises against panic buying


The Federal Government has said the fixed pump price of Premium Motor Spirit (PMS) remains N165 per litre as stipulated in the petroleum product pricing template.

The government also advised Nigerians against panic buying of PMS, also known as petrol, saying that the country currently had over two billion litres of PMS in various depots.

Reacting to the fuel scarcity that has surfaced in different states, Ugbugo Ukoha, the Executive Director of Distribution Systems of the NMDPRA maintained that petrol was a regulated product and urged marketers to comply with the pricing template.

Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil, which was a critical product used in transporting petroleum products from the depots to the retail outlets.

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