This was disclosed in a statement issued after an emergency meeting in Abuja between major stakeholders in the petroleum downstream sub-sector, presided over by the Minister of State for Petroleum Resources/Board Chairman, NNPC, Dr. Emmanuel Ibe Kachikwu. The statement was signed by Acting Executive Secretary, Petroleum Products Pricing Regulatory Agency, PPPRA, Mrs. Sotonye Iyoyo; Mr. Obafemi Olawore, Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN; and Mr. Olufemi Adewole, Executive Secretary, Depot and Petroleum Products Marketers Association, DAPPMA. The statement noted that the meeting reviewed the state of the downstream sub-sector, especially as it related to products supply, distribution, pricing and foreign exchange sourcing, as well as the recent concerns expressed in certain quarters on the sustainability of the current PMS price band. It said: “After exhaustive deliberations, stakeholders present were in the affirmative that the speculation of an imminent upward price review of PMS was unfounded. “This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA pricing template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre. “The claim is, therefore, both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days. ‘’The PPPRA used the opportunity to assure all stakeholders of uninterrupted products supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust downstream sub-sector. “On his part, the Minister of State for Petroleum Resources assured all Nigerians of government’s continued commitment to the welfare and well-being of the citizenry.” The Federal Government and the stakeholders Present at the meeting, according to the statement, were the Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru; Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency, PPPRA, Acting Executive Secretary Petroleum Equalisation Fund Management Board (PEF [M] B); Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, the Executive Secretary, Depot and Petroleum Products Marketers Association, DAPPMA, as well as Chief Executives of Oil Marketing Companies, OMCs. Former Group Managing Directors of the NNPC had last weekend, called for an upward review of the price of Premium Motor Spirit, also known as petrol, stating that the present price cap of N145 per litre was not in tune with current economic realities.]]>