Osinbajo speaks on ‘plan to increase fuel price’, gives reasons for scarcity

The Vice President, Prof. Yemi Osinbajo on Monday cleared the air on the reports making the rounds about increment of pump price of Premium Motor Spirit (petrol).

Osinbajo said the Federal Government had no plan to increase fuel prices.

The Vice President also pointed out that panic buying and hoarding of the product was responsible for the hard time being faced by Nigerians.

Addressing reporters in Lagos after assessment of the fuel situation, he said, “We are certainly not expecting to increase oil (fuel ) prices at all; the government has absolutely no intention of increasing fuel prices and that’s it.”

He said the present administration was working round the clock to end the fuel crisis as soon as possible.

According to him, one of the most important objectives of the administration was to ensure that the average citizen was not put through the pain of an increase in fuel price.

He added, “We have been here holding a meeting with major oil marketers and as you see everyone is at work trying to ensure that the petrol queues are cleared.

“We are trying to look at some of the issues and what needs to be done to ensure that things move very quickly.

“Just yesterday, Mr. President tried to see how exactly he could really work on the problems that we are experiencing and how to very quickly clear up the queues and ensure that everyone is able to have a happy holiday; that’s exactly why we are here today.

“The GMD of the NNPC is up in Abuja and I ’m here with the minister (of State for Petroleum Resources) trying to take a look at what the problems of the marketers may be and also what other issues there may be getting the products to petrol stations across the country.

“We had a very good meeting and we hope that in the next couple of days , we will be able to resolve the petrol queues and l hope this rather sad episode come to an end as quickly as possible.”

Osinbajo identified one of the reasons behind the disruptions in fuel distribution at the end of the year to what he called the winter phenomenon.

He said, “So clearly, what has happened here is that on account of some of the short deliveries that we have experienced, panic buying and hoardings in different places started.

“So, those are largely the issues. So we are also trying to ensure that these sorts of disruptions won’t happen in the future and that’s one of the reasons why we are spending a bit of time to look at some of the issues.‎”