Why We Can’t Increase Fuel Pump Price Now – FG


The Minister of State for Petroleum, Timipre Sylva says government is not planning any increment in the pump price of Premium Motor Spirit (PMS) also known as Petrol until conclusion of consultation with Organised Labour.

The minister clarified this while addressing newsmen on Friday in Lagos.

Sylva said the clarification became important due to reports that the price of Petrol, had been increased to N212.61 per litre

“Irrespective of the source of that information, I want to assure you that it is completely untrue.

“Neither Mr President, who is the Minister of Petroleum Resources nor myself, who deputises for him as minister of state has approved that petrol price should be increased by one naira.

“I therefore urge you to disregard this misleading information,” he said.

According to him, for the past few months, the government has been in consultation with Organised Labour to find the least painful option to respond to the global rise of crude price which has inevitably led to increase in petrol prices.

He said it was unthinkable that government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.

Sylva maintained that cynicism and deceit have never been the trademark of the President Muhammadu Buhari’s administration.

“I will like to equally assure you that the engagement with the organised labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith and you will be availed of the final outcome at the appropriate time.

“Until then, all marketers are strongly advised to maintain the current pump price of PMS before the emergence of this unfortunate information.

“Those who may want to take advantage of this unfortunate information to extort Nigerians should not give in to such temptations as there are regulatory mechanisms that government can enforce to protect its citizens.

“In conclusion, I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused,” he said.

Donate to Precision


Please enter your comment!
Please enter your name here