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Buhari Did Not Approve Increase In Petrol Price By One Naira — Minister

Minister of state for petroleum resources, Timipre Sylva, has said there will be no increment in the pump price of premium motor spirit (PMS) until the conclusion of talks with organised labour.

This comes as a reaction to the new pricing template published by the Petroleum Products Pricing Regulatory Agency (PPPRA) which pegged the new pump price of petrol at N212.61 per litre.

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Sylva enjoined Nigerians to dismiss the rumoured increment in petrol price.

The minister said: “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 deputise 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.”

According to the minister, the government has been in consultation with organised labour to find the least painful option to respond to the global rise of the crude price which has led to surging petrol prices.

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He added: “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 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.

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“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.”

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