Business News

FG denies increase in pump price of petrol as fuel scarcity bites harder

The Federal Government has denied authorizing any increase in the price of Premium Motor Spirit popularly known as petrol, despite the hike in the cost of the commodity across the country.

According to Punch, this was made known by the Minister of State for Petroleum Resources, Timipre Sylva, through a statement issued by his media aide, Horatius Egua, in Abuja on Friday, where he said that President Muhammadu Buhari had not approved any price increase for petrol.

Buhari has not approved any price increase for petrol

  • Sylva was quoted as saying, “President Muhammadu Buhari has not approved any increase in the price of PMS or any other petroleum product for that matter. There is no reason for President Muhammadu Buhari to renege on his earlier promise not to approve any increase in the price of PMS at this time.
  • “Mr President is sensitive to the plight of the ordinary Nigerian and has said repeatedly that he understands the challenges of the ordinary Nigerian and would not want to cause untold hardship for the electorate.
  • Government will not approve any increase of PMS secretly without due consultations with the relevant stakeholders. The President has not directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority or any agency for that matter to increase the price of fuel. This is not the time for any increase in the pump price of PMS.’’

Mischief makers trying to discredit the government’s achievements

The minister noted that what was playing out was the handiwork of mischief makers and those planning to discredit the achievements of the President in the oil and gas sector of the economy.

  • He added, “What is playing out is the handiwork of mischief makers and those planning to discredit the achievements of Mr President in the oil and gas sector of the economy. I appeal to Nigerians to remain calm and law-abiding as the government is working hard to bring normalcy to fuel supply and distribution in the country.’’

For catch up

  • Oil marketers had earlier confirmed the increase in petrol price, stating that this was one of the reasons why major marketers were dispensing the commodity at higher rates currently.
  • Nairametrics in an earlier report had said that some media reports had suggested that the Federal Government had increased the official pump price of premium motor spirit (fuel) to N185 per litre on Thursday, January 19.
  • It was reported that the Federal Government sent a directive to all marketers, including the Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN), informing them to adjust the pump price accordingly.

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