Business

NNPC debunks fake news, says petrol price remains unchanged

Increase in petrol price inevitable –Rewane

The Nigerian National Petroleum Corporation (NNPC) has debunked media reports about federal government’s plan to review the pump price of petroleum products, particularly Premium Motor Spirit (PMS), otherwise known as Petrol.

This was made known on Tuesday in a statement by the corporation’s Group General Manager, Group Public Affairs, Ndu Ughamadu.

According to Ughamadu, the federal government has no plan to review prices of the products either upwards or downwards.

The NNPC spokesperson explained that the corporation had been the sole importer of PMS into the country as a result of Open Market Price being much higher than the N145 per litre official selling price.

He warned rumour mongers to desist from spreading false information, adding that such act could negatively impact on the prices of petroleum products especially petrol as the festive period draws near.

Read also: Nigerian Breweries to pay N4.8bn interim dividend

He hinted that the misinformation could lead to scarcity and hoarding of the products by consumers, resulting to unwarranted queues at fuel stations.

Ughamadu assured that the strategies being mapped out by NNPC General Managing Director, Maikanti Baru, would ensure that Nigerian have a hitch-free festive season.

Recall that the Minister of State for Petroleum Resources, Ibe Kachikwu, had in May 2016 announced an upward review of PMS pump price by the Federal Government from N86.50 to N145.00, and directed filling stations across the country not to sell the product above the fixed price.

The minister had said the hike was the only way out of the exorbitant prices of N150 to N250 Nigerians were subjected to at many filling stations across the country during yuletide.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!