By Amara Christa
The Department of Petroleum Resources (DPR), has said the pump price of Premium Motor Spirit (PMS) may go lower than N125 per litre, advising consumers not to stockpile the product.
He also warned petroleum marketers against hoarding the product as they may make more losses should the price plunge downwards.
The Operations Controller of the Warri Zonal office, Engr. Antai Asuquo, stated this on Monday, during a monitoring exercise in Warri, to ascertain the level of compliance to the federal government’s directive on sales of PMS.
The Federal Government, through the Ministry of Petroleum Resources, last Wednesday reviewed downward the pump price of the petroleum product from N145 to N125 per litre.
Asuquo, who led the regulatory team, also assured that the federal government has enough products to wade off panic-buying, adding that the pump price would be adjusted with time.
“The prices of PMS will continually be adjusted overtime time.
“The next adjustment may be lower, so if you stockpile today and the price drops tomorrow, who loses?
“Also, the public should not store petroleum products at home thinking that the price will go higher tomorrow, no it may go further downward,” he said.
Expressing satisfaction at the level of compliance in Warri and environs, he emphasised that the DPR would continue to carryout surveillance to ensure that marketers dispense at the approved pump price and in the right quantity to the petroleum consumers.
“The petroleum marketers in Delta are complying and we hope that the downward review of the PMS price will also translate into downward review of cost of transportation for the ordinary citizen.
“Also, downward review of prices of foodstuffs, like the Minister of State for Petroleum advised all the other end users of petroleum products.
“We will continue to carry out surveillance activities to ensure that not only the price is maintained but that the marketers also dispense accurately.
“Of course, customers are sensitive to prices, so it is logistical you comply so that you can remain in business.
“As we observed today, most of the pumps dispensed accurately and we are very impressed. They should keep it up,” Asuquo said.
Some of the retail outlets inspected were Total filling station, Matrix Energy, Newbridge, Odafe Global Oil and Gas, French Joga and A&E petrol station all in Warri South and Uvwie council areas of Delta.