Nigeria: Anxiety grows as the FG rejects fuel price increase

The uncertainty around the pricing of the product across the nation has increased as a result of the Federal Government’s denial of any price rise for Premium Motor Spirit, more commonly known as petroleum.

Chief Timipre Sylva, the Minister of State for Petroleum Resources, however, denied issuing any orders to boost PMS in a statement sent by his media assistant Horatius Egua in Abuja on Friday.

The price of PMS or any other petroleum product has not been raised with the approval of President Muhammadu Buhari, who also serves as the minister of petroleum resources.

There is currently no justification for the President (Buhari) to break his earlier commitment not to authorize a price hike for PMS, he said.

In a conversation with Pan African Visions on the development, Chinedu Okoronkwo, president of IPMAN, the Independent Petroleum Marketers Association of Nigeria, said it was unclear whether fuel prices will rise or not. He stated on Saturday that “the situation is still unknown at this time; maybe by Monday we will be adequately advised on the depot price of PMS, but for now situation continues.”

 

 

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