President of the Senate, Bukola Saraki, has denied the reports that the Senate is proposing an increase in the price of petrol.

His denial, however, may not have doused Nigerians’ fears because indeed the issue was discussed by the lawmakers on Thursday, June 1.

The Senate Committee on Works made the recommendation on what it called a fuel levy of five naira ($0.0159) per litre on imported and locally produced petrol.

Their plan is that when Nigerians start to buy petrol at 150 Naira, the additional five naira will be used for road repairs and maintenance.

The idea was approved by the Senate but is still subject to debate and the House of Representatives also needs to approve the plan as well.

The Special Assistant to the Senate President on New Media, Mr. Bankole Omisore, in a statement on Saturday, denied the report that the legislature had such a plan.

He explained that at the public hearing on the National Roads Fund Bill, participants who understand the industry all agreed that a percentage of the funds should be available for road maintenance.

He added that the participants did not agree on the actual percentage, “some argued for 25, 11, 7 and 5 per cent of the value of the price of the product”.

The Senate’s denial and Omisore's explanation now seems to be more of bad news as it means Nigerians may just be paying more than 150 naira per litre of petrol when the debates are over.

The government last year increased fuel prices to 145 Naira a litre and abolished subsidy payment on fuel importation.