Nigerian govt rules out fuel price increase
November 31,2022
The Federal Government on Wednesday ruled out an increase in the price of Premium Motor Spirit (PMS) also known as petrol during the festive period.
The General Manager, Corporate Communications in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Kimchi Apollo, stated this in a notice in Abuja
The agency was reacting to speculations on the increase in price and availability of PMS
Fuel queues had resurfaced in Lagos and other parts of the country in recent days with fuel stations selling the product for between N200 and N250 per litre.
Apollo said the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels sufficient for 34 days.
The NMDPRA spokesman stressed that the federal government has no intention to increase the price of the product at this time.
He said: “Consequently, marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding.
“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season.”
