FG Speaks On Increasing Pump Price Of Petrol

The federal government has assured Nigerians it has no immediate plans to increase the pump price of petrol in the country.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) in a statement on Friday made the disclosure, stating that there is adequate stock of petroleum products.

The NMDRA statement follows panic in the market after members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) raised an alarm that private depot owners had increased the price of petrol by N9 per litre.

However while reacting to the development, the Chief Executive Officer of NMDRA, Engr. Farouk Ahmed submitted that the government has no immediate plans to increase the price of petrol.

He warned marketers against inducing artificial scarcity or encouraging panic buying.

He said: “It has come to the notice of the Authority that Premium Motor Spirit popularly known as petrol is being sold at loading depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price which is caused by the erroneous insinuation of imminent increase in the price of the product.

“The NMDRA is assuring the general public that the price of Petrol has not been changed and that the Federal Government has no intention of upward adjustment of the Price at the moment.

“The Authority wishes to inform the general Public to note that the country has adequate stock of Petroleum and the NNPC has further assured of sufficient supply of Product”.

He also urged motorists and other users to avoid stockpiling the product to avoid any avoidable disaster.

Meanwhile, Ezenwoko’s Blog recalls the Federal Government of Nigeria has announced that petrol subsidy will be a thing of the past starting from the second half of 2022.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this in a statement made available to the public last week.

According to Ahmed, the Federal Government only made provision for petrol subsidy till the end of June next year after which deregulation will be imminent.

The minister said the move was to salvage foreign exchange and potentially earn more from the oil and gas industry.