NNPC Addresses Reports On Increase In Fuel Price

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NNPC Addresses Reports On Increase In Fuel Price

The Nigerian National Petroleum Corporation (NNPC) on Tuesday reacted with a denial to reports that the corporation will soon announce an increase in the pump price of Premium Motor Spirit (PMS).

NNPC Addresses Reports

Shortly after a meeting with President Muhammadu Buhari, the Group Managing Director Dr. Maikanti Baru, disclosed that so far the request for forex for the importation of petrol had been met and the NNPC’s supply situation was “robust.”

This assertion comes barely a day after oil marketers warned of an impending increase in the pump prices of petrol due to the continued scarcity of foreign exchange to finance the importation of the product.

On Monday, the oil workers weigh their reasons on the spiraling rise of the United States dollar, which hit an all-time high last week, as it exchanged for N400 at the parallel market.

Baru, however, denied any knowledge of the price increase, saying that there was no directive to that effect.

His words: “I have not been directed to increase pump price, even the other price was based on recommendation from the regulatory body.

“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that ,especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far the request for forex for importation of gasoline, popularly called petrol, has been met and our own supply situation is robust, we are meeting demands.’’

The managing director, however, revealed that Petroleum Products Pricing Regulatory Agency (PPPRA) could review the prices of petroleum products when necessary.

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He said that NNPC currently had in stock over 1.4 billion litres of PMS for sale to the public at government-controlled price of N145 per litre.

“We have over 1.4 billion litres on ground.

“So, I don’t see any basis for increase; however, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concerned,’’ he said.

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