As Nigerians gear up for the festive period, the Petroleum Products Pricing Regulatory Agency (PPPRA) has assured that there will be no increase in the price of fuel.

This comes following widespread speculation on the purported imminent increase in price of product.

Executive Secretary of the agency, Abdulkadir Saidu noted that the retail price of Petrol remains at the subsisting price cap of N145 per litre.

Saidu has asked marketers to ensure that there is no price distortion in their respective retail outlets; noting that the PPPRA would keep carrying out its oversight function of monitoring prices in depots and in petrol stations across the country, to ensure adherence to the regulated price and to stop other forms of sharp practices at retail outlets.

He warned that adequate sanctions await any erring petrol station.