The Minister of State for Petroleum Resources, Timipre Sylva, says the Federal Government has not approved any increase in the pump price of Premium Motor Spirit (PMS) otherwise called petrol.
The denial comes amid conflicting reports of a tacit increase in the ex-depot price of PMS to marketers from N148 to N167 per litre, which in turn pushed up the pump price at the retail outlets to N185 from N170/litre, which sparked a series of reactions across various stakeholders.
For many months now very few outlets still sell PMS at the official rate of N170/litre, as the majority, mostly the independent marketers, sell the scarce product between N250 and N350/litre depending on the outlet and location without reprimands or sanctions by the downstream regulators.
But in a statement, on Friday in Abuja, Sylva: “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 the President 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.”
He said the President has not directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) or any agency to increase the price of fuel, adding that this is not the time for such increases.
The Minister explained 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.
“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,” he said.
Government will not approve any increase of PMS secretly without due consultations with the relevant stakeholders.
