The Federal Government has said the pump price of fuel in the country remains N162 per litre.
It also described as untrue and fake the story making the rounds that it has increased the price of petrol to N212.6 per liter.
Timipre Sylva, the Minister of State for Petroleum Resources,who gave clarification in Abuja,said the government did not approve the price increase being circulated around
“Dear Nigerians, you are by now very aware of the news trending that the federal govt has increased the price of petrol to N212.6 per liter.”Irrespective of the source of that information, i want to assure you that it is completely untrue.
“Neither the President who is the minister of petroleum resources, nor my humble self who deputise for him as minister of state, has approved that the pump price of petrol should be increased by one naira. i would therefore urge you to disregard this misleading information.
“You are all aware that for the past few months the govt has been in consultation with organized labour to find the least painful option to respond to the global rise in the price of crude, which in turn has inevitably led to increase in the price of PMS. it is unthinkable that govt would unilaterally abandon these discussions and act in the manner suggested by the information under reference.
“Cynicism and deceit have never been the trademark of the administration of President Muhammadu Buhari.I would like to equally assure you that the engagement with organized labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith, and you will be availed of the final outcome at the appropriate time.
“Until then all marketers are strongly adviced to maintain the current pump price of PMS before the emergence of this unfortunate information. those who may want to take advantage of this unfortunate misinformation to extort Nigerians should not give in to such temptation as there are regulatory mechanisms that govt can enforce to protect its citizens.
Besides,the Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the Guiding Prices posted on its website does not translate to any increase in pump price of PMS, rather an indicative of current market trends.
Its Executive Secretary, Abdulkadir Saidu, said the publications by the media to this effect have been misconstrued and thus misleading.
“The agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals. The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trends on a daily basis to determine Guiding Prices”
Saidu noted that the agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS.
PremiumNews reports that before the clarification by the Minister and the agency,there motorists filled in fuel stations in the country to avoid buying the product at the controversial new price.
