Nigeria’s Department of Petroleum Resources (DPR) on Wednesday January 6, 2015 commenced the enforcement of the new price for Premium Motor Spirit, also known as PMS.
This is coming six days after notifying the public concerning the intended plan.
According to Punch, the effect of this announcement means that the official pump price and ex-depot price of PMS for oil marketing companies is now set 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 announcement reads: "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.”
DPR has the statutory responsibility of ensuring compliance to petroleum laws, regulations and guidelines in the Oil and Gas Industry.
This move has indicated a seriousness in discharging its duties under the current Buhari administration.