Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has promised that market price of premium motor spirit (PMS), will not increase in May due to ongoing talks between stakeholders.
Kyari gave the assurance when he addressed State House correspondents after giving an update on the petroleum sector to President Muhammadu Buhari at the presidential villa, Abuja, on Tuesday.
Kyari said the federal government is discussing with relevant stakeholders in determining the price of petrol.
He stated that the NNPC made its recent pronouncement on petrol price after realising that ongoing talks cannot be concluded in May.
“Subsidy is a policy matter, I am sure you’re aware of this. There are engagements going on within government to get the best framework for having a fully deregulated PMS market.
“As this is going on, we are engaging all parties and all stakeholders as government and to make sure that at the end of the day, there’s an exit that is beneficial to the ordinary man.
“That is why we know we will not be able to complete that in the month of May and therefore we declared that there will be no increase in fuel price. I have no update in hand now, this is beyond me, but we are engaging to make sure that we have the right timeline.”
He also frowned at the re-emergence of petrol queue across the country, assuring that the situation will normalize in hours.
He attributed the sudden re-emergence of the fuel queue to strike action embarked upon by the association of petrol tankers drivers.