No plan to increase fuel price – NNPC

No plan to increase fuel price – NNPC
October 25 17:19 2016

The Nigerian National Petroleum Corporation, NNPC, has denied nursing any plan to hike the price of petrol.

Addressing newsmen in Abuja on Tuesday, the Group General Manager, Group Public Affairs Division of the NNPC, Muhammad Garba-Deen, said the Federal Government was committed to sustaining the current N145 price regime.

The Group General Manager, Crude Oil Marketing Department of  the NNPC,  Mele Kyari, had raised alarm on Monday when he said the current price regime was not sustainable.

The NNPC spokesman however said  if there is going to be anything like a price hike, the agency responsible for fixing the price of petrol, the Petroleum Products Pricing Regulatory Agency, PPPRA, would definitely sensitise Nigerians on it and give reasons for the hike.

He said, “As for this moment, there is absolutely no plan to do that and no need to that, because we have more than enough supply, we have very robust stock of product in our custody. In addition to that, we also have long term procurement contract with our suppliers.

“The usual reason that would necessitate a review of price at the moment has been taken care of. We have long term procurement contract with our suppliers; we have more than enough supply to last us throughout the ember months and beyond.

“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations.”