No plans to increase fuel price ‘for now’

The federal government has no plans to raise the pump price of petrol now, President Goodluck  Jonthan said on Sunday.

“I have no plans to change the pump price now,” the president said on presidential media chat broadcast live on TV and radio.

“I will not change pump price through the backdoor,” he said in answer to an observation that some marketers were selling above the current price of N97 per litre.

Increase in the price of petrol in 2011 became necessary to prevent a collapse of the economy, he said.

The last increase in the pump price was done in January 2012, when the government raised the price to N140 per litre from N65, saying it had to remove subsidy on domestic consumption of the product.

Government however was forced to reduce the price to N97 per litre following a nationwide strike by labour unions that paralysed economic activities in Africa’s biggest oil producer.

Since then, there have been rumours about planned increase in the price.

Nigerians would be given advance information about any change in the pump price according to the law, Jonathan said.

He said whoever succeeds him will eventually take the decision to raise the price.

Nigeria will hold a general election in 2015. The president again declined to comment whether he will run for office next year.