FG apologises to Nigerians over new pump price

Etim Effiong

The Federal Government on Friday apologised to Nigerians over the N212.61 petrol price, which was announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) from its website.

Speaking at the turning of the soil for the Rungas composite cylinder manufacturing plant in Alaro City Free Zone, Epe, the Minister of State for Petroleum Resources, Mr Timipreye Sylva, asked Nigerians to disregard the increase, noting that it was a mix-up.

PPPRA, has said that its publication of monthly template, does not amount to increasing petroleum products price increase, adding that such increases were supposed to be determined by market forces, under the current deregulation of the sector.

A statement obtained by Vanguard, Friday, the Executive Secretary, PPPRA, Abdulkadir Saidu, said: “The attention of the Petroleum Products Pricing Regulatory Agency has been drawn to speculations about the increased pump price of PMS.

“The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to an increase in the pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading.

“The agency wishes to remind the public of the introduction of the Market-Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.

“One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.

“The PPPRA in line with its mandate to maintain constant surveillance overall key indices relevant to pricing policy, monitors market trends daily to determine Guiding Prices.

“The agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS. PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy. While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase.”