SM NEWS: FG Says No Increase in Fuel Price After Link with IMF, World Bank Agreement

SM NEWS: FG Says No Increase in Fuel Price After Link with IMF, World Bank Agreement

 -The Nigerian National Petroleum Corporation said there’s no plan to increase in pump price

– There are also claims that the government had agreed to hike fuel price to receive a loan from IMF and World Bank

– There have been disagreements between the government and the labour workers over an attempt to increase the price

There has been media report of price hike due to an agreement between the Federal Government, the International Monetary Fund and World Bank. Part of the agreement reportedly includes increasing pump price. The Nigerian government had obtained a $3.5 billion loan from the international creditor last year. This had led to the speculation of a rise in May, but this evening, the market regulator said there won’t be an upward change in the price.

An NNPC petrol station. Source Punchng

In a tweet quoting the Group Managing Director, Mele Kyari, NNPC tweeted:

“there would be no increase in the ex-depot price of Premium Motor Spirit (PMS) in the month of May 2021.”

There has been confusion over fuel price in Nigeria as the Nigerian Labour Congress and the Federal Government disagree over an increase to reflect international market price.

Global oil price has been on the rise, currently trading above $67.15, but Nigeria has not changed the pump price to reflect this price.

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