Former Kaduna Central Senator and human rights activist, Shehu Sani has quashed reports circulating the media that the price of Premium Motor Spirit (PMS) has been increased to N1200 per litre.
According to the Senator, the reports were mere rumours emanating from people intending to cause needless tensions in the country.
He wrote on his official X handle:
“Neither the oil marketers nor the NNPCL proposed any increase of pump price to N1200 per litre. Those peddling this rumour should stop so as not to cause unnecessary panic,disruptions and further hardships and suffering.”
Following the clash between the Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria on Tuesday over fuel subsidy removal, there have been reports that a new PMS price will soon be established.
Over the years, Nigeria has spent a fortune subsidising fuel. However, President Bola Ahmed Tinubu while giving his inauguration speech in Abuja, watched by a large crowd, exclaimed:
“Fuel subsidy is gone!”
Following this unceremonious announcement, petrol prices shot up instantly. The President said subsidy removal was initiated to avoid the huge drain on public finances.
However, months later, the country is yet to witness any positive changes occasioned by the removal of subsidy.
The NNPCL has been called out several times for failing to remit enough revenue to the Central Bank of Nigeria (CBN) since subsidy removal.
Former Central Bank of Nigeria Governor Sanusi Lamido Sanusi alleged that “NNPC is failing to remit enough foreign exchange into the treasury despite the removal of fuel subsidy,”.
“Where is the money?” Sanusi demanded.
News Central reports that last week, the Socio-Economic Rights and Accountability Project, filed a lawsuit against the NNPCL for failing to disclose details of Nigeria’s daily oil production, exportation, and revenues since the removal of fuel subsidy.