The Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday revealed that the federal government was not responsible for the increase in the price of Premium Motor Spirit (PMS), otherwise known as petrol.
According to Sylva, the marketers are responsible as the government still subsidises petrol, with provisions made for the next few months
Speaking at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations, Mr Sylva said the marketers mostly to blame.
“I can tell you authoritatively that we have not deregulated,” he said.
“The government is still subsidising. If there are increases in price, it is not from the government. It is probably from the marketers.
“But I will talk to the authorities to actually regulate the price. But this is not from the government. We have not deregulated,” he added.
While the official pump price of the product is pegged at N165 per litre, many filling stations have been selling for as high as N180 and N185.
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