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FG, marketers allay fears over increase in petrol price 



FG, marketers allay fears over increase in petrol price

The Federal Government and oil marketers, Wednesday, said there is no truth in rumours making the round over an imminent increase in the pump price of petrol in the country.

The federal government and the marketers stated this in a statement issued after an emergency meeting held in Abuja. The meeting was chaired by the Minister of State for Petroleum Resources, Dr.  Ibe Kachikwu.

It would be recalled that former Group Managing Directors of the Nigerian National Petroleum Corporation, NNPC,  last weekend called for an upward review of the price of petrol.  They insisted thay the current economic realities, especially foreign exchange, does not support the price at the product is sold.

According to the statement, the meeting reviewed the state of the downstream sub-sector, especially as it related to products supply, distribution, pricing and foreign exchange sourcing, as well as the recent concerns expressed in certain quarters on the sustainability of the current price of petrol.

Read also: Nigeria has lost 1m barrels of crude per day for 6 months –Osinbajo

The statement reads in part: “After exhaustive deliberations, stakeholders present were in the affirmative that the speculation of an imminent upward price review of PMS was unfounded.

“This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA pricing template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre.

“The claim is, therefore, both unfounded and deceptive, as there is no basis for pricing speculations as being circulated within the last few days.

‘’The PPPRA used the opportunity to assure all stakeholders of uninterrupted products supply and distribution, pursuant to the overall goal of facilitating a vibrant and robust downstream sub-sector.



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