FG apologises to Nigerians over N212.61 per litre fuel price

The Federal Government apologised to Nigerians on Friday for the recent N212.61 petrol price mystery.

Abdulkadir Saidu, Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), said in a statement obtained by Vanguard on Friday: “The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.

“By issuing this statement, the PPPRA wishes to emphasize that the Guiding Prices reported on our website are only representative of current market dynamics and do not imply a rise in the PMS pump price. However, media reports to this effect have been misinterpreted and therefore misleading.

“The Agency would like to remind the general public of the Federal Government’s announcement of the Market-Based Pricing Regime for PMS Regulation 2020.

Prices are required to be dictated by market realities in accordance with market forces under this regulation.”

“The monthly release of Guiding Price to represent current market trends is one of the requirements for the introduction of the Market-Based Pricing Regime for PMS Regulation 2020,” he said.

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