– The federal government reacts to the call to
increase the prices for petroleum products in
Nigeria

– The authorities denied any plans to change
fuel prices saying that the country is in a
liberalised market already. The government denied reports of increase in fuel price.

The officials have said that the government of
President Muhamadu Buhari does not have plans
to increase the pump price of petrol despite a
demand that it should do so, Premium Times
reports.

The call for the hike of fuel price was made at
the forum of former group managing directors of
the Nigerian National Petroleum Corporation
(NNPC) on September 4, Sunday.

The forum called for the removal of the price cap
that would mean that the traders would be free to
sell petrol at their desired price, supported by
several factors such as the exchange rate and
international crude price.

With the local currency exchange rate going
down by over 50 % to about N412 since the
current petrol price was fixed, accepting the
recommendation would have meant Nigerians
pay more for fuel.

Meanwhile, the federal government through the
Petroleum Products Pricing Regulatory Agency
(PPPRA) stated that that it will not accept the
proposal.

While informing about the government’s
response, the acting executive secretary of
PPPRA, Sotonye Iyoyo, said the advice was the
personal opinion of the former state oil chiefs.
“If it was a recommendation, that is what it is –
a personal opinion. I’m not aware government is
planning any fuel price increase. We are in a
liberalised market already, ” she said.

Ibe Kachikwu, the minister of petroleum, also
denied media reports of possible hike in the
prices of petroleum products in Nigeria.

The incumbent GMD of the NNPC Maikanti Baru
supported the minister, Vanguard reports.

After a closed-door meeting with President
Muhammadu Buhari in Abuja, Kachikwu defined
the reports as untrue.

He asked the state house correspondents after
the meeting: “Have you seen any memo to that
effect?’’

On his own part, NNPC director said the
organization has no plan to increase the pump
price of petroleum products, underlining that
“there is nothing like that.’’

Meanwhile, he directed the journalists to go to
the PPPRA for further explanation on the issue.
The oil marketers had shown aim to increase
prices of the products, quoting continued
scarcity of foreign exchange to finance
importation of the products, as reason.



https://www.naij.com/956837-buhari-government-plans-increase-petroleum-products-prices.html?source=article_readnext

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