…….FG Denies Knowledge of the Increase

The Nigerian National Petroleum Company Limited’s retail arm has announced the upward review of the current pump price of Premium Motor Spirit(PMS) otherwise known as petrol effective today, 3rd September . 2024.
The group in a statement made available to Journalists,to announce the review stated, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September . 2024.Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter. Thank you”

However, the federal government has denied knowledge this development.
Senator Heineken Lokpobori, the Minister of State for Petroleum Resources, said that it was outright falsehood to link any increase in the pump price of petrol to the government.
He added that the Federal Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters, stressing that any suggestion otherwise is incorrect and reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector.
In a statement by his Special Adviser, Nnemaka Okafor, Lokpobiri said the Federal Government was compelled to address what it described as an ‘outright falsehoods’ currently being circulated on social media, claiming that he directed the NNPC Ltd to inflate petroleum prices above the approved pump price. While condemning the claims, Lokpobiri categorically said that there were baseless, malicious, and a deliberate attempt to incite public discontent.

The statement stressed that, “We challenge anyone in possession of any evidence – be it written documents, audio, or video recordings that supports these fabrications to make it public. “Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public. It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors.”