The Federal Government, on Monday, reaffirmed that it was not involved with the change in the pump price of Premium Motor Spirit, alias called petrol.
The product price was increased above the regulated cost of N165/litre to N175/litre and N230/litre, by oil marketers, FG claimed.
Minister of State for Petroleum Resources, Timipre Sylva, while speaking on the sidelines of the stakeholders’ consultation forum on Midstream and Downstream Petroleum Regulations, emphasized the government’s stand on the issue.
Oil marketers across the country had 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 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.
When questioned on the disparity in the pump prices of petrol and why the government had not waded into the matter, the minister said, “Well, I can tell you authoritatively that we have not deregulated.
“The government is still subsidising, if there are increases in the price it is not from the government, it is probably from the marketers.
“But, of course, I will talk to the NMDPRA’s chief executive to ensure that they actually regulate the prices. But this is not from the government because we have not deregulated.”
Sylva further said he is aware of the monitoring exercise but assured that the authorities are working towards ending the scarcity of fuel witnessed by Nigerians.
