FG Confirms THE WHISTLER Exclusive, Says PPPRA Executive Secretary Never Got Approval To Hike Price Of PMS

The Federal Government on Friday confirmed an exclusive report by THE WHISTLER that the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Abdulkadir Saidudid not get the necessary approval from the government to announce an adjustment in the price of Premium Motor Spirit popularly referred to as Petrol.

This Website had on Friday morning broken the story of how Saidu unilaterally announced an upward adjustment in price of PMS from the current N164 per liter to N212.6 per liter.

The Agency, which disclosed this in its monthly template released on Thursday night had stated that landing cost for petrol per liter is N189.61, with the ex-depot price standing at N206.42 per liter.

Shortly after the announcement, the Federal Government said it is not planning to increase the price of petrol in March.

The plan not to hike price of petrol was confirmed by the Nigerian National Petroluem Corporation on Friday.

The decision of the NNPC not to increase price was to allow conclusion of the ongoing engagements with Organized Labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

But hours after news of the latest upward price adjustment went viral, the PPPRA retreated and pulled down the controversial price template from its website.

In its place the agency had published a notice: “Please be informed that published prices are only indicative of current market trends.”

The template was issued at a time the Federal Government was still negotiating with Labour

As a result of the backlash, the PPPRA Executive Secretary, Abdulkadir Saidu on Friday said the Agency had reversed the price hike decision.

Saidu said that the Guiding Prices posted on the PPPRA’s website was only indicative of current market trends and do not translate to any increase in pump price of PMS.

The Independent Petroleum Marketers Association of Nigeria, and other stakeholders such as the Chartered Institute of Finance and Control had expressed disappointment on the sudden announcement of an adjustment in fuel price by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Abdulkadir Saidu Umar.

The Vice President of IPMAN, Abubakar Maigandi said the new price came to them as a shock.

He told THE WHISTLER in an exclusive interview that there was no such agreement with the PPPRA as there are still engagements of stakeholders concerning price fixing.

He said, “I was surprised when I heard the news of the price increase by PPPRA this morning.

“We have not agreed on such price increase and the Association cannot give order to the marketers for price increase until it is agreed upon.”

Confirming THE WHISTLER Exclusive report, the Minister of State for Petroluem Resources, Timipre Sylva said it was untrue that the government has given approval for the upward price adjustment.

Sylva said neither President Muhammadu Buhari who is the Minister of Petroluem Resources, nor himself have given approval for an upward adjustment in price of petrol.

In a statement personally signed by him, Sylva said it would be a great disservice to the Nigerian people for the government to approve an upward price adjustment when talks are currently ongoing with the Nigerian Labour Congress
to arrive at a reasonable price regime for the country.

He said, “Dear Nigerians, you are by now very aware of the news trending that the Federal Government has increased the price of petrol to N212.6 per liter.

“Irrespective of the source of that information, I want to assure you that it is completely untrue. neither Mr. president who is the minister of petroleum resources, nor my humble self who Deputise for him as Minister of State, has approved that the pump price of petrol should be increased by one naira.

“I would therefore urge you to disregard this misleading information.

“You are all aware that for the past few months, the Government has been in consultation with Organized Labour to find the least painful option to respond to the global rise in the price of crude, which in turn has inevitably led to increase in the price of pms.

“It is unthinkable that Government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.

“Cynism and deceit have never been the trademark of the administration of President Muhammadu Buhari. I would like to equally assure you that the engagement with organized labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith, and you will be availed of the final outcome at the appropriate time.

“Untill then, all marketers are strongly adviced to maintain the current pump price of pms before the emergence of this unfortunate information.”

The Minister warned oil marketers who may want to take undue advantage of the misinformation to extort Nigerians not give in to such temptations.

He said there are regulatory measures that have been put in place which the government would use in protecting the interest of Nigerians.

He added, “Those who may want to take advantage of this unfortunate misinformation to extort nigerians should not give in to such temptation as there are regulatory mechanisms that govt can enforce to protect its citizens.

“In conclusion, I want to sincerely apologise to all nigerians for any distress and inconvinience the unfortunate information might have caused.”