NNPC says no plan to increase pump price of fuel

The Group General Manager, Group Public Affairs Division of Nigerian National Petroleum Corporation (NNPC), Garba-Deen Muhammad, on Tuesday said that there was no plan to increase the pump price of petrol.

It would be recalled that the Group Managing Director, Crude Oil Marketing of the corporation, Mele Kyari, was in the news on Monday explaining said that the sale of petrol at N145 per litre was no longer feasible with the current foreign exchange situation.

Reaction to the claim in a statement on Tuesday, Mohammed said the corporation has a robust supply arrangement that can guarantee sustainable supply over a long period of time.

The commission promised to sustain the tempo of petroleum products supply throughout the ember months and beyond at the current rate of N145 per litre.

Mohammad said, “Reference of unsustainability of N145 per litre of petrol only relates to possible spike in international market price of petroleum products.

“This has been mitigated by NNPC’s long-term procurement contract plan that guarantees stable pricing.

“Nigerians should not engage in panic buying, as there is no cause for alarm with respect to pump price increase or shortage of products.

Speaking further, Muhammad said if there was going to be any increase in price of petroleum product, “The PPPRA (Petroleum Products Pricing Regulatory Agency) would definitely sensitise Nigerians on it and give reasons for it.”

“As for this moment, there is absolutely no plan to do that and no need for that because we have more than enough supply. In addition to that, we also have long-term procurement contract with our suppliers.

“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations. A new window to make forex available for marketers for their import needs have been opened and they are satisfied with it.”