The Federal Government insisted that it had not raised the pump price of Premium Motor Spirit; popularly called petrol, above the regulated cost of N165/litre.
It said the hike in the cost of the commodity, currently between N175/litre and N230/litre; depending on the location of purchase, was by oil marketers. However, government could not explain why it was not enforcing the approved price.
Oil marketers across the country recently raised the price of petrol above the approved N165/litre rate; without any official approval by the government. Despite the fact that the cost of commodity was still being regulated.
The marketers had argued that the N165/litre approved price was not sustainable and was contributory to the scarcity of petrol in many locations nationwide.
They eventually hiked the pump price of petrol and had maintained the price increase for several weeks running without any resistance by the government.
Speaking on the sidelines of the stakeholders’ consultation forum on Midstream and Downstream Petroleum Regulations organised 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.