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NNPC denies plans to increase petrol price

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NNPC denies plans to increase petrol price
The Nigerian National Petroleum Corporation, NNPC, on Tuesday said there is no plan to increase the pump price of petrol.
According to the NNPC, the current economic realities in the country does not support an increase.
This was disclosed in Abuja by the Group General Manager, Group Public Affairs Division of the NNPC, Muhammad Garba-Deen, while addressing journalists.
According to him, there would be a lot of sensitization and explanation coming from the Petroleum Products Pricing Regulatory Agency, PPPRA, if there is going to be any increase in prices.
It would be recalled that an official of NNPC had said at an event in Lagos that it was no longer possible to sell petrol at the maximum N145 per litre, adding that the nation was back to subsidy regime because of the high cost of foreign exchange.
However, Garba-Deen denied this, saying there is nothing like subsidy on petrol at the moment.
According to him, the long term contracts the NNPC has with buyers and suppliers of petroleum products have taken care of fall outs from high cost of foreign exchange.
He said: “As per this moment, there is absolutely no plan to do that and no need to do 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 had 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.”
By Timothy Enietan-Matthews….

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0 Comments

  1. JOHNSON PETER

    October 26, 2016 at 9:51 am

    I trust the government won’t try to inflate petrol price in this parlous state of the economy where everybody is wailing and dying silently inside. they should even think of reducing the price of petrol if possible.

    Reply

    • yanju omotodun

      October 26, 2016 at 9:59 am

      My dear, this is Nigeria, anything can happen. Tomorrow we can hear government has increased fuel price due to one useless nomenclature they will give to it . so I won’t be surprised that the NNPC denying increasing petrol fuel today , will now come out tomorrow that they are sorry but they just have to increase the price of petrol

      Reply

  2. victoria wilson

    October 26, 2016 at 10:19 am

    These people are just contradicting themselves. Is it the country that couldn’t fight the increment to N145, that would fight N151? Their only intention is to frustrate Nigerians and make people suffer.

    Reply

  3. Amaka Okoro

    October 27, 2016 at 10:32 am

    this people should better respect their self before i go slap them,We are crying that things are very expensive and they are try to bring fuel price up, There father

    Reply

  4. Amarachi Okoye

    October 27, 2016 at 10:49 am

    if they increase fuel price that means we can now call for biafra so that cultivation will take place

    Reply

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