The Federal Government, Friday, apologized to Nigerians over the latest N212.61 petrol price confusion in the country.
Speaking at the groundbreaking for the Rungas composite cylinder manufacturing plant in Alaro City Free Zone, Epe, the Minister of State for Petroleum Resources, Mr Timipreye Sylva, urged Nigerians to disregard the increase, explaining that it was a mix-up.
Meanwhile, the Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that its publication of monthly template, does not amount to increasing the price of petroleum products, as such increases are supposed to be determined by market forces, under the current deregulation of the sector.
In a statement obtained by Vanguard, Friday, Executive Secretary, PPPRA, Abdulkadir Saidu, stated: “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.
“The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to an increase in the pump price of PMS.
However, publications by the media to this effect have been misconstrued and thus misleading.
“The Agency wishes to remind the general public of the introduction of the Market-Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.”
