The federal government has urged Nigerians to disregard the reported increase in the pump price of petrol also known as Premium Motor spirit as put forward by the Petroleum Products Pricing Regulatory Agency (PPPRA).
The petrol regulator had announced on its website that petrol could now be dispensed for between N209.61 and N212.61 per liter, in line with prevailing market fundamentals.
However, following backlash that arose from the purported increase, Minister of State for Petroleum Resources, Timipre Sylva, in a statement issued on Friday, said neither he nor President Muhammadu Buhari had approved the decision to increase the retail price of petrol to N212 per liter.
Sylva said; “Cynicism and deceit have never been the trademark of the administration of President Muhammadu Buhari.
“Neither Mr. President who is the Minister of Petroleum Resources, nor my humble self who deputise 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.
“I would like to equally assure you that the engagement with 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.
“In conclusion, I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused.”
The NNPC has also rejected claims that it has endorsed a new petrol pricing regime.