Standup9ja: Nigeria, No Plan to Hike Fuel Price, Says Agency

Standup9ja: Nigeria, No Plan to Hike Fuel Price, Says Agency

The Federal Government on Tuesday urged Nigerians to ignore speculations making the rounds that it was planning to raise the pump price of petrol by N5.

 
Petrol price currently stands at N145 per litre in all filling stations across the country.

At the inception of the present administration, the price was adjusted from N86.50 per litre to N145 after government removed the subsidy component of the pricing template.

Although Nigerians have been buying the commodity with much frown, considering the impact on the price on the cost of transportation and other commodities, the government claimed it had achieved its objective.

Fuel supply in the country has largely stabilised, as smuggling of petroleum products across the country's borders have been brought under control, while the era of fuel scarcity seem to have been brought under control.

But, speculations have been rife in recent times that plans were in the offing by government to increase the price by about N5, to N50 per litre.

The Petroleum Products Pricing Regulatory Agency, PPPRA, said it had observed the growing speculation on an imminent increase N5.00 per litre.

While dispelling the rumour, the Agency said it understood the concerns of Nigerian consumers and would do everything within its capacity to keep the price the unchanged.

"As the Agency of government saddled with the responsibility of regulating petroleum products pricing, supply and distribution, we want to assure the Nigerian public that the subsisting pump price cap for PMS remains N145 per litre across the country. As such, Nigerians should please ignore the speculation on price increase," the Executive Secretary of PPPRA, Abdukadir Saidu, said.

"We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at regulated price, for the benefit of all.