Contrary to media reports earlier on Friday, the Nigerian government has said that there is currently no plan to increase the price of Premium Motor Spirit, popularly known as petrol.
Dr. Chris Ngige, Minister of Labour and Employment , said in a statement late Friday that “there will be no increase in the price of PMS for now as discussions are still ongoing between government and the organised labour as well as other stakeholders on the matter.”
“I have made contact with the relevant authorities, the Federal Ministry of Petroleum Resources and the NNPC and wish to assure members of the public, especially the organised labour and workers that there is no such increase for now,” Ngige said.
Media houses in Nigeria early on Friday reported an increase in the price of petrol to about N212.61.
The reports were based on a pricing template released by the Petroleum Products Pricing Regulatory Agency, which said the new price of petrol had been raised to N212.6 per litre.
As the reports circulated, motorists in Abuja and Lagos besieged petrol stations in panic buying, while others took to the social media to condemn the alleged price increase.
Eventually, PPPRA was forced to withdraw the new price template, as the regulators of Nigeria’s oil industry began to announce there was no petrol price increase.
“We have an ongoing discussions and standing committees comprising labour and government on one hand and another, comprising the office of the Vice President, Secretary to the Government of the Federation, Governor of the Central Bank of Nigeria, Group Managing Director of the NNPC and the Ministers of Labour, Petroleum and Finance,” Ngige noted.
“The present attempt to hoist a fait accompli on the government and all its efforts runs against the ongoing discussions. We hence wish to warn the insidious harbingers of such information not to portray government as cruel, irresponsible and unamenable to social dialogue and collective bargaining.”
He said that the government would at the right time fix an appropriate pricing for petroleum products in the country.
“Government will at the right time do an appropriate pricing for petroleum products but not without taking other issues into consideration. This is to ensure that Nigerians don’t suffer the pangs of any price increase in petroleum products.
“Government has deregulated petroleum products and market forces have to dictate pricing. That notwithstanding, government has decided to give it a human face by agreeing to some palliative measures that will make the price realistic and affordable to the ordinary Nigerians.
“We therefore wish to re-assure our partners in the organised labour, the NLC, TUC and affiliate unions that there will be no increase in the price of PMS for now. They should therefore continue to cooperate with government side to have a fruitful outcome from the discussions.”
