NNPC opens up on alleged increment in fuel price

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– Nigerian National Petroleum Corporation (NNPC) has dismissed reports that it plans to increase fuel price

– Maikanti Baru, the managing director NNPC revealed this after meeting with President Muhammadu Buhari

– The NNPC boss said he has not been directed to increase it from N145


The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that it has no plans to increase fuel price, Daily Trust reports.

Maikanti Baru, the managing director NNPC gave the assurance in an interview with State House correspondents on Tuesday, August 9, after meeting with President Muhammadu Buhari.

READ ALSO: Dollar scarcity: Fuel price increase imminent

Baru in reaction to a media report that NNPC had concluded plans to increase the pump price of PMS from N145 per litre to between N170 and N200 due to the high cost of foreign currencies, said he had not been directed to increase it from N145.

He said there was no basis for increasing fuel price, emphasising that marketers’ request for fuel importation had been met.

“I have not been directed to increase pump price. Even the other price was based on 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.

READ ALSO: Fuel price hike: FG meets with NLC, appoints PPPRA chair

In May, NNPC had increased the pump price of PMS from N86.5 to N145, following the removal of subsidy on Premium Motor Spirt (PMS) by President Buhari.

The minister of state for petroleum resources, Dr Ibe Kachikwu noted that monies saved from the removal of subsidy will be put to fix the refineries and also put into the economy. He begged Nigerians to believe in him saying that he works day and night to ensure that Nigerians do not suffer for fuel.

The post NNPC opens up on alleged increment in fuel price appeared first on Nigeria News today & Breaking news | Read Naij.com 24/7.

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