(Ecofin Agency) - The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday announced that the Nigerian National Petroleum Corporation (NNPC) will be allocated 41.73% for the supply of petrol in Q2 of 2016.

Lanre Oladele (photo), the Head of Corporate Services in a statement, said that NNPC has 41.73% of the overall allocation, while the remaining Oil Marketing Companies has 58.27%.

The statement said that the Acting Executive Secretary of PPPRA, Sotonye Iyoyo, has said that the agency will maintain the retail prices of N86.00 for NNPC and N86.50 for other Marketing companies. “Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets,” it said.

According to the statement, PPPRA will continue to observe the performances in international oil market and make changes constant with the just implemented price modulation principles, Leadership news reports.

It urged depot owners to stick to to the usual truck-out policy made by the agency, in order to make certain that petroleum products are received at various retail outlets countrywide.

“PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide. We therefore assure Nigerians of our total commitment to service delivery, in the quest to deliver on our mandate to the people of Nigeria,” the statement said.

Anita Fatunji