FG Announces When New Petrol Price Increase Will be Imposed

The Federal government through the minister of state for petroleum has stated that there will be no increment in the pump price of petrol until the organised labour is consulted.

The News Agency of Nigeria reported that Timipre Sylva, minister of state for petroleum resources, made the statement when addressing journalist in Abuja on Friday, March 12.

Sylva’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 minister dismissed the pricing template published by the PPPRA.

The minister said: ”Irrespective of the source of that information, I want to assure you that it is completely untrue.

“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.”

In another report credited to Premium Times, the minister explained 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.

According to the report, PPPRA had on Thursday night, March 11, published a template on its website announcing an increase in the retail price of petrol.

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Recall a previous updated pump price on that indicates that the template by PPPRA announcing an increase has been deleted from the website.

However, it was deleted on Friday morning, March 12, amid the outrage by Nigerians across the country over the sudden increase.

In another report, the Nigerian National Petroleum Corporation, NNPC has insisted there is no increase in the ex-depot price of petrol in the month of March.

This submission was made via the official Twitter handle of the Nigerian National Petroleum Corporation, NNPC on Friday, March 12.

The corporation said this following the Petroleum Products Pricing Regulatory Agency, PPPRA’s projection of the price at N212.11 per litre.

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