The Nigerian National Petroleum Corporation (NNPC) has announced that it will maintain the current ex-depot price of premium motor spirit (PMS) until the end of negotiations with organised labour.
This announcement is coming a day after the General Managing Director of the corporation, Mele Kyari complained about the subsidy being paid for petrol products.
Kennie Obateru, group general manager, group public affairs division of NNPC, disclosed this in a statement on Friday.
In the statement, Obateru said although the NNPC currently bears the burden of petrol subsidy, current price will be maintained at N162 until ongoing engagement with the organized labour and other stakeholders are concluded.
He stated that the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.
He also urged petroleum products marketers to desist from arbitrary price increase or hoarding of petrol.
The spokesman also warned against panic buying, stressing that NNPC was committed to ensuring energy security.