Presidency Speaks On Planned Increase Of Petrol Price

The Presidency has assured Nigerians that there will be no increase in the petroleum products pump prices.

Naija News reports that the Presidential Spokesman, Ajuri Ngelale, stated this in a chat with State House correspondents in Abuja on Tuesday.

Ngelalae said this in reaction to claims making the round on social media that there are fresh plans to raise the price of petrol from the current N617 per litre to between N720 and N750.

He disclosed that his administration is already taking steps that would ensure there is no increase of fuel prices in the country without having to reverse the nation’s decision to exit the subsidy regime.

He said, “The official position is that there is no increase in prices at this time and that Mr. President is convinced based on the information before him that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.

“The president wishes, first, to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard, very recently, from the organized Labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr President wishes to assure Nigerians following the announcement by the NNPC limited just yesterday, that there will be no increase in the pump price of premium motor spirit anywhere in the country. We repeat, the President affirms that there will be no increase in the pump price of premium motor spirit.”

Naija News had earlier reported the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday indicated that the pump price of Premium Motor Spirit (PMS) may rise to about N750 per litre.

The National spokesperson of IPMAN, Chinedu Ukadike, noted that NNPCL currently maintains its ex-depot price at N587.7. However, if the NNPCL adjusts its prices, “other marketers will do the same.”

However, the Nigerian National Petroleum Corporation Limited (NNPCL) has refuted the speculations that petrol prices might be increased.