Nigeria: FG Says It Has No Plan to Increase Fuel Price

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Nigeria’s federal government has recently denied reports of an imminent increase in pump price of fuel.

There had been speculations of a fresh raise, two months after the government increased the price of petrol from N86.50 to N145 a litre.

Reports said the government was considering new rates as Nigeria’s foreign exchange crisis continues to hamper importation of products.

Speaking to journalists after a meeting with President Muhammadu Buhari, the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, said the government had no such plans.

“I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body,” he said.

“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion liters on ground. So I don’t see any basis for increase. However, the review could be done by the right body.”

Source: Premium times