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The Government denied reports of increase in fuel price



The government denied reports of increase in fuel price
The government denied reports of increase in fuel price

The officials have said
that the government of President Muhamadu Buhari does not have plans to
increase the pump price of petrol despite a demand that it should do so,
Premium Times reports.

The call for the hike of fuel price was made at the forum of former
group managing directors of the Nigerian National Petroleum Corporation
(NNPC) on September 4, Sunday.

The forum called for the removal of the price cap that would mean that
the traders would be free to sell petrol at their desired price,
supported by several factors such as the exchange rate and international
crude price.

With the local currency exchange rate going down by over 50 % to about
N412 since the current petrol price was fixed, accepting the
recommendation would have meant Nigerians pay more for fuel.

Meanwhile, the federal government through the Petroleum Products Pricing
Regulatory Agency (PPPRA) stated that that it will not accept the

While informing about the government’s response, the acting executive
secretary of PPPRA, Sotonye Iyoyo, said the advice was the personal
opinion of the former state oil chiefs.

“If it was a recommendation, that is what it is – a personal opinion.

I’m not aware government is planning any fuel price increase. We are in a
liberalised market already,” she said.

Ibe Kachikwu, the minister of petroleum, also denied media reports of
possible hike in the prices of petroleum products in Nigeria.

The incumbent GMD of the NNPC Maikanti Baru supported the minister,
Vanguard reports.

After a closed-door meeting with President Muhammadu Buhari in Abuja,
Kachikwu defined the reports as untrue.

He asked the state house correspondents after the meeting: “Have you
seen any memo to that effect?’’

On his own part, NNPC director said the organization has no plan to
increase the pump price of petroleum products, underlining that “there
is nothing like that.’’

Meanwhile, he directed the journalists to go to the PPPRA‎ for further
explanation on the issue.

The oil marketers had shown aim to increase prices of the products,
quoting continued scarcity of foreign exchange to finance importation of
the products, as reason.

Author: Orimisan Temidayo

TemmyGuru is a Blogger, Bitcoin (BTC) exchanger, Physicist, Digital marketer, Promoter, Artiste Manager, an Entrepreneur and a Philanthropist. If you have any suggestion, complaint or Advert. Feel free to contact him. Whatsapp: +2347040694785 Call Only: +2348141250277