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

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 place an increment in pump price

- There are claim that the government had agreed to hike fuel price to receive loan from IMF and World Bank

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

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There will be no increase in fuel price next month according to the Nigerian National Petroleum Corporation (NNPC). There have been speculation about an increase in May.

There have 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 $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.

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NNPC makes important announcement about petrol price

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.”
FG says no increase in fuel price after link with IMF, World Bank agreement
A car being served at the fuel station. Photo: Mykola Tys/SOPA Images/LightRocket
Source: Getty Images

There have 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.

Meanwhile, Legit.ng had previously reported that Unilever recorded an operating loss of N165.41 million in the first quarter of this year. The company also reported N491.99 million loss after tax.

Within the first three months of 2021, the food manufacturer generated N19.42 billion revenue, rising above the N13.32 billion of the corresponding period of 2020.

It was gathered that selling and distribution expenses rose to N838.18 million, while cost of sales settled at N14.95 billion, against the N9.90 billion spent last year Q1.

Source: Legit

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