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FG buying time to increase fuel price ― Femi Falana
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By Rasheed Sobowale
Senior Advocate of Nigeria (SAN), Femi Falana, in an interview with VanguardLive TV, has claimed that the Federal Government was buying time towards increasing the fuel price.
Falana, who was responding to a question regarding the purported fuel price hike across the nation, stated that the PPRA who released a statement regarding fuel pricing lacks the constitutional power to do so.
According to him, such power as mandated by the International Monetary Fund (IMF) belongs to the market forces.
In a press statement obtained by Vanguard, the Agency noted that its releases which were quoted to be indicative of price hike “was only indicative of current market trends and do not translate to an increase in the pump price of PMS.
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•Motorists queue for Premium Motor Spirit on the outer northern expressway in Abuja. on Friday. Photo: NAN
Published 13 March 2021
Panic buying of Premium Motor Spirit, popularly known as petrol, and long queues of vehicles were witnessed at many filling stations across many states in the country on Friday after a reported increase in pump price from N162 to N212.16 by the Petroleum Products Pricing Regulatory Agency.
The PPPRA had early Friday published the expected new lower and upper prices for PMS at retail outlets, putting the rates at N209.61/litre and N212.61/litre respectively.
The PPPRA Executive Secretary, Abdulkadir Saidu disclosed this in a statement in Abuja, on Friday.
“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 any increase in pump price of PMS.
“ However, publications by the media to this effect have been misconstrued and thus misleading,’’ he said.
He said that the introduction of the market-based pricing regime for PMS Regulation 2020 was gazetted by the Federal Government.
• NNPC Assures Of Adequate Supply Of Product
• PPPRA Deletes Template Announcing N212.68 /Litre Pump Price
• Hike Can Attract Mass Protest, PDP Cautions
In what appeared to be the most uncoordinated situation by agencies under the Ministry of Petroleum Resources, headed by President Muhammadu Buhari, confusion, panic-buying and an attempt to profiteer by marketers ruled the pump price of Premium Motor Spirit (PMS), otherwise called petrol, yesterday, following a template released by the Petroleum Products Pricing Regulatory Agency (PPPRA), which increased petrol pump price to N212.68 per litre. x
Long queues, traffic jam, an increase in the cost of transportation and the immediate shutdown of most petrol stations were the result of the situation across most parts of the country. However, the Minister of State for Petroleum Resources, Timipre Sylva, Nigerian National Petroleum Corporation (NNPC) and PPPRA tried to manage the situation, in
Drama as NNPC, PPPRA deny hiking fuel price tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.