The Federal Government has insisted that it had not raised the pump price of Premium Motor Spirit, popularly called petrol, above the regulated cost of N165/liter.
It said the hike in the cost of the commodity, currently between N175/liter and N230/liter, depending on the location of purchase, was done by oil marketers. The government, however, could not explain why it was not enforcing the approved price.
Recall, Oil marketers across the country recently raised the price of petrol above the approved N165/litre rate without any official approval by the government. This was despite the fact that the cost of the commodity was still being regulated.
The marketers had argued that the N165/liter approved price was not sustainable and was contributory to the scarcity of petrol in many locations nationwide.
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Speaking on the sidelines of the stakeholders’ consultation forum on Midstream and Downstream Petroleum Regulations organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, the Minister of State for Petroleum Resources, Chief Timipre Sylva, insisted the government had not raised the price of PMS.
