Breaking: NNPC announces decision on reported planned increase in price of petrol

Posted by Rachel Madison on 2019-07-11 17:14:00 | Views: 1 |

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Breaking: NNPC announces decision on reported planned increase in price of petrol

- The Nigerian National Petroleum Corporation (NNPC) says it has no plans to increase the price of petrol as claimed in some reports

The NNPC notes that its group managing director only lamented the low price of a litre of the product in Nigeria as compared to other African countries

- The corporation wants Nigerians to discard the earlier report of a planned increase in the pump price of the product

The Nigerian National Petroleum Corporation (NNPC) said on Thursday, July 11, that it has no plans to increase the price of Premium Motor Spirit (PMS), popularly known as petrol, in the country.

The NNPC said this in a statement issued by its spokesperson, Ndu Ughamadu, in Abuja advising motorists and other petroleum products consumers to disregard the trending rumour of a planned hike in the pump price of PMS.

The statement argued that what the corporation’s group managing director, Malam Mele Kyari, said at the National Assembly on Wednesday, July 10, did not suggest any plan to increase the price of the product.

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According to the NNPC, what Kyari said during his engagement with the Senate president, Ahmed Lawan, at the National Assembly was that the price of petrol was abysmally low in Nigeria compared to what was obtained in neighbouring West African countries.

Ughamadu noted in the statement that Kyari had observed at the event that the huge disparity in the pump price of petrol between Nigeria, on the one hand, and her neighbouring country, on the other, tended to encourage cross-border leakages.

The corporation advised Nigerians to disregard the insinuation of a hike in the price of petrol by NNPC adding that the corporation was not even in a position to regulate the price of petroleum products.

The statement said the NNPC’s role as an operator must be differentiated from that of any of the industry regulators just as it emphasised that as directed by relevant agencies of the government, the pump price of petrol remains N145 per litre.

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The NNPC cautioned petroleum products marketers not to sell petrol above N145 per litre while advising Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources (DPR), the industry regulator, or to any law enforcement agency around them, on any station which sells petrol beyond N145 per litre.

Legit.ng learnt of earlier reported that claimed that the NNPC planned to increase the price of PMS after the corporation's group managing director noted its cheap cost as the major cause of its loss in terms of revenue.

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