The federal government has finally spoken on the announcement of Petroleum Products Pricing Regulatory Agency (PPPRA) which revealed possible fuel price increase.
Minister of State for Petroleum, Timipreye Sylva, who spoke during the groundbreaking for the Rungas composite cylinder manufacturing plant in Alaro City Free Zone in Epe, Lagos said President Muhammadu Buhari did’nt not approve any increment on the current price of fuel.
He then called on the general public to disregard such information.
He said, “Irrespective of the source of that information, I want to assure you that it is completely untrue.
“Neither Mr President who is the Minister of Petroleum Resources nor myself who deputise for him as minister of state has approved that petrol price should be increased by one naira.”“I therefore urge you to disregard this misleading information.”Mr. Sylva also disclosed that the government is currently engaging with “organised labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith and you will be availed of the final outcome at the appropriate time.”
Also, PPPRA has declared that its publication of monthly template, does not amount to increasing the price of petroleum products, as such increases are supposed to be determined by market forces, under the current deregulation of the sector.