NNPC Debunks Reports Of Impending Hike In Fuel Pump Price

Petrol-StationThe Nigerian National Petroleum Corporation (NNPC) has debunked speculations of an impending increase in fuel price.

The Group Managing Director of the NNPC, Maikanti Baru, gave the assurance in an interview with State House correspondents on Tuesday after meeting with President Muhammadu Buhari.

There were reports yesterday that oil marketers may be forced to adjust their pump price upwards in view of the current exchange rate of N400/$1 and the continued scarcity of foreign exchange to finance the importation of the product.

The NNPC boss said he had not been directed to increase it from N145/litre.

The last time the pump prices of petrol was increased was in May 2016 when the Federal Government liberalized the downstream sector and announced new prices of between N135 and N145 per litre, up from N86 and N86.5 per litre.

Mr. Baru, however, noted that there was no basis for increasing fuel price, stressing that marketers’ request for fuel importation had been met.

He added that NNPC’s supply was robust and that the corporation was meeting demands with 1.4 billion litres available.

“I have not been directed to increase pump price. Even the other price was based on the recommendation from the regulated 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. We have over 1.4 billion liters 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”, Baru said.