Presidency denies recommending fuel price increase to N302

By Matthew Eloyi

The Presidency has debunked reports indicating that the National Economic Council (NEC) recommended increasing the pump price of Premium Motor Spirit (PMS) to N302 per litre.

Reports emerged on Wednesday claiming that the NEC chaired by Vice President Yemi Osinbajo in November 2021 recommended that PMS, which currently sells for between N162 and N165 per litre in the country be increased to N302 per litre.

According to the reports, the increase was part of the government’s plan to fully deregulate the prices of PMS and eliminate monthly subsidy payments with provisions to ensure fair competition in the market.

The reports suggested that the recommendations were put forward by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria.

However, the Presidency has now denied the claim, noting that such resolution had never been made by the NEC.

Vice President Osinbajo’s spokesman, Laolu Akande, who also coordinates the NEC media activities, debunked the report in a tweet on Wednesday, wondering why attempts were not made to seek clarification on the issue.

Tweeting on his handle, @akandeoj, he said: “While there are indeed ongoing discussions on the issue of fuel subsidy, at no time has NEC made any such resolution as this report claims.

“Public discourse can be better served by seeking further clarification from relevant quarters on matters of such importance.”