UPDATED: Sylva, NNPC Insist There Will Be No Fuel Price Increase In March
The Minister of State for Petroleum Resources, Timipre Sylva, and Nigerian National Petroleum Corporation (NNPC) on Friday insisted that there is no increment in the ex-depot price of Premium Motor Spirit (PMS) also known as petrol this month.
NNPC announced this via a post on their official Twitter handle @NNPCgroup.
“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” it simply tweeted.
— NNPC Group (@NNPCgroup) March 12, 2021
Syvla in a statement said, “Neither Mr. President who is the Minister of Petroleum Resources nor my humble self who deputises for him as Minister of State, has approved that the pump price of petrol should be increased by one naira. I would therefore urge you to disregard this misleading information.”
This was in reaction to the trend on social media with the hashtag #FuelPriceHike with users reacting to a template released by the Petroleum Products Pricing Regulatory Agency (PPRA) showing that the new price of petrol has reached N212.6 per litre.
According to the template which the PPPRA released in the early hours of Friday and later deleted, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61.
NNPC in the tweet, on Friday, ruled out any increment in the ex-depot price simply tweeting that, “#NNPC Insists No Increase in Ex-Depot Price of PMS in March.”
The NNPC had earlier promised that the petrol price would remain static in March to allow smooth negotiations between the government and labour unions.
See the full statement by the Minister of Petroleum below…
Dear Nigerians, you are by now very aware of the news trending that the Federal Government has increased the price of petrol to N212.6 per liter.
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 my humble self who deputises for him as Minister of State, has approved that the pump price of petrol should be increased by one naira. I would therefore urge you to disregard this misleading information.
You are all aware that for the past few months the government has been in consultation with organized labour to find the least painful option to respond to the global rise in the price of crude, which in turn has inevitably led to an increase in the price of PMS. It is unthinkable that government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.
Cynism and deceit have never been the trademark of the administration of President Muhammadu Buhari.
I would like to equally assure you that the engagement with organized 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 misinformation to extort Nigerians should not give in to such temptation as there are regulatory mechanisms that govt 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.