No plan To Hike Fuel Pump Price, Says FG

Nigeria's President, Muhammadu Buhari

The Federal Government has stated that there was no plan to increase the pump price of Premium Motor Spirit, popularly called petrol during the Christmas season.

VANTAGE NEWS reported that marketers are groaning over the depot price of the product, suggesting that the pump price could rise between N340/450 per litre.

However, the Federal Government opened up and declared on Wednesday that there was no plan to increase the pump price of petrol, at least during the Yuletide season.

The government’s comments came on the heels of worsening fuel scarcity and rising pump price across different petrol stations in the country. Some petrol stations in Lagos currently sell N250 per litre.

But the government disclosed on Wednesday that there was fuel supply stock that could last the country for 34 days.

An advisory in reaction to the concerns around PMS price and its availability issued in Abuja by the government, through its Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) said, “This advisory addresses speculations on the price and availability of Premium Motor Spirit.

“The authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period. The Nigerian National Petroleum Corporation Limited has imported PMS with current stock levels sufficient for 34 days.

“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding. In keeping with the authority’s responsibilities as outlined in the Petroleum Industry Act, the authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during this holiday season.”

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