The Nigerian government has apologised for the increase in price of petrol that was announced by the Petroleum Products Pricing Pricing Authority (PPPRA) on Friday, saying the hike is completely false.
The minister of states for petroleum, Timipre Sylva, in a statement on Friday, said the decision did not get his approval or that of President Muhammadu Buhari.
He called on marketers to maintain the current price and urged Nigerians to disregard the misleading information.
He noted that it was unthinkable for the government to abandon the ongoing discussions with labour leaders to suddenly increase the price of fuel without a mutual agreement on the issue.
“I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused.”
READ ALSO: PPPRA Template Puts Petrol Price At N212/litre
“You are all aware that for the past few months, the govt has been in consultation with the organised labour to find the least painful option to respond to the global rise in the price of crude, which in turn has inevitably led to an increase in the price of PMS.
“It is unthinkable that govt would unilaterally abandon these discussions and act in the manner suggested by the information under reference,” he said.
The minster said the government was working a reasonable price to sell fuel and that Nigerians would be informed at the appropriate time.
Sylva added, “I would like to equally assure you that the engagement 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.
READ ALSO: PPPRA Deletes New Petrol Price Template
“Until then, all marketers are strongly advised to maintain the current pump price of PMS before the emergence of this unfortunate information.
“Those who may want to take advantage of this unfortunate misinformation to extort Nigerians should not give in to such temptation as there are regulatory mechanisms that govt can enforce to protect its citizens.”
The Petroleum Products Pricing Regulatory Agency (PPPRA) had, Thursday projected the price of petrol at N212.11 per litre.
The agency announced this in its pricing template for the month of March, which has now been deleted.
PPPRA based the price on the average costs of imported petroleum products.
The average littering expenses were put at N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.
The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.
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