Minister of State for Petroleum Resources, Timipre Silva has denied any purported increase in the pump price of petrol.
Addressing a press conference on the sideline of a groundbreaking of a gas cylinder manufacturing facility in Lagos, the minister said neither the president as the substantive minister of Petroleum Resources nor himself approved any increase in the pump price of petrol.
He blamed the purported new price regime of 209.61- 212.61 Naira per litre announced by PPPRA on mix up in communication and apologized to Nigerians.
While stating that the federal government is not going back on full deregulation of the downstream oil sector, the minister said any change in pump price would only be decided after due consultation with all stakeholders.
He therefore called on marketers to maintain status quo and refrain from hoarding or creating artificial scarcity of the product.