FG Announces When New Petrol Price Increase Will Be Imposed

The Federal Government has stated that there will be no increment in the pump price of Premium Motor Spirit, otherwise known as petrol until the organised labour is consulted.
The Federal Government’s statement was in reaction to the pricing template published by the Petroleum Products Pricing Regulatory Agency (PPPRA) which pegged the new pump price of petrol at N212.61 per litre.

The Federal Government has stated that there will be no increment in the pump price of Premium Motor Spirit, otherwise known as petrol until the organised labour is consulted.

The minister of state for petroleum resources, Timipre Sylva, made the disclosure when addressing newsmen in Abuja on Friday.

The minister’s statement was in reaction to the pricing template published by the Petroleum Products Pricing Regulatory Agency (PPPRA) which pegged the new pump price of petrol at N212.61 per litre.

Sylva dismissed the pricing template published by the PPPRA, saying ”Irrespective of the source of that information, I want to assure you that it is completely untrue.”

He added, “Neither Mr President who is the Minister of Petroleum Resources nor myself who deputise for him as minister of state has approved that petrol price should be increased by one naira.

“I, therefore, urge you to disregard this misleading information.”

The minister stressed that the federal government would continue to consult with the organised labour and other stakeholders to arrive at a reasonable price regime for petrol.

Sylva said until an agreement is reached, all marketers are to maintain the current pump price of petrol.

“I will like to equally assure you that the engagement with the organised 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 advised 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 information to extort Nigerians should not give in to such temptations as there are regulatory mechanisms that government can enforce to protect its citizens.

“In conclusion, I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused,” the minister said.