JUST-IN: FG Apologizes To Nigerians, Says N212 Petrol Price Be Disregarded

The Federal Government of Nigeria, has, on Friday, apologized to Nigerians over the latest N212.61 petrol price confusion in the country.
EKO HOT BLOG had reported that the Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) Abdulkadir Sadiu, debunked the increment in petrol pump price as he described the news as misleading and untrue.

The FederalGovernment of Nigeria, has, on 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.

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Earlier today, there were reports of the purported increase of petrol pump price, pegged at N212.

EKO HOT BLOG had reported that the Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) Abdulkadir Sadiu, debunked the increment in petrol pump price as he described the news as misleading and untrue.

According to the statement released by the Agency: “We 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.” He added