The Petroleum Products Pricing Regulatory Agency (PPPRA) has cautioned filling stations against selling petrol above N125 per litre.
The pump price of petrol was slashed on Wednesday by the Federal Government from N145/litre to N125/litre due to the coronavirus-triggered lingering volatility and the Saudi-Russia price war in the international oil market.
But speaking after he led a team of PPPRA to monitor filling stations in Abuja on Thursday, the Executive Secretary of the Agency, Saidu Abdulkadir, explained that though the Agency did not seal off erring stations as at Thursday, action would be taken against such stations from Friday.
Abdulkadir also disclosed that the PPPRA would meet marketers and other relevant stakeholders to ensure that the new price is implemented by retail outlets nationwide.
"We are currently discussing this with marketers. We are having a meeting with every stakeholder in this regard. This will be sorted out pretty soon. We are meeting with Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) with NNPC," he said.
He added that the Federal Government will continually engage marketers and all other relevant stakeholders to ensure the new price is adhered to strictly.
He also revealed that a new pricing template will take effect from the April 1st which will reflect the international market fundamentals.
"The PPPRA is working out the modalities of coming up with a new price template. The approved price of N125 per litre comes into effect from today - Thursday - which will be applicable till the end of the month.
"From April 1st, 2020, the PPPRA will be going to be modulating a monthly price of petroleum products based on market fundamentals. What this new pricing regime will be looking at is actual market price and reflect its realities.
"The directive of Government to the NNPC to reduce the ex-Coastal price of PMS, despite the fact that the current stock of product was imported during the months of January and February, 2020 is highly commendable, although this action is not without costs to the Corporation.
"We believe that the recent efforts by the Government to develop an alternative fuels market will come to fruition in the medium term while various initiatives are being undertaken to deepen the utilization of LPG/CNG as autogas in Nigeria," he stated.