This is coming six days after the commencement of the new prices announced by the Federal Government on December 29, 2015 through the Petroleum Products Pricing Regulatory Agency.
The DPR, in a circular dated January 6, 2016, noted that the official pump price and ex-depot price of PMS for oil marketing companies was put at N86.50 per litre and N77.00 per litre, respectively; and N86 per litre and N76.50 per litre respectively for the NNPC.
The agency advised marketers to comply with the new prices as enunciated in the PPPRA pricing template.
The statement read, “Following the pronouncement on the new approved pump price of Premium Motor Spirit by the Federal Government, the Department of Petroleum Resources wishes to inform all marketers and the general public that it has commenced the enforcement of the price regime in line with its mandate.
“All depot owners and retailers are to ensure strict compliance as appropriate sanctions shall be applied to anyone found to be involved in price manipulation.”