NNPC dismisses rumours of petrol price hike

The Nigerian National Petroleum Corporation (NNPC) has dismissed rumours of a hike in the pump price of Premium Motor Spirit (PMS) also known as petrol.

There were speculations of a possible hike in the price of petrol as queues resurfaced at some fuel stations in Abuja and some parts of Nasarawa and Niger States.

Retailers had claimed that the depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre.

But, the Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at an event organised by energy correspondents in Lagos on Tuesday, said the corporation had an adequate stock of Premium Motor Spirit (petrol).

However, he admitted that there are pricing issues at some petrol depots in the country.

Read also: No increase in petrol price in May, NNPC assures

He said, “As we speak now, there is speculation of fuel scarcity within the media, but we have over 1.7 billion litres of Premium Motor Spirit in the country. We have another 2.3 billion litres coming in; so there is no shortage in supply as being speculated.

“Of course, there are issues about pricing at some depots but the government has no plan to revise the pricing structure.”

According to Kyari, NNPC’s objective was to provide energy security for Nigeria and ensure the availability of petroleum products in the country.

Speaking on ‘Petroleum Industry Act: Energy transition and the future of Nigeria’s oil and gas,’ he said Nigeria had identified its abundant gas resources as its fuel for the energy transition.

The NNPC boss said, “We are making good progress in terms of the implementation of the PIA which is creating the path for transition.

“There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used, and that is why we are investing in massive gas infrastructure”

He said gas projects such as the Obiafu-Obrikon-Oben and the Ajaokuta-Kaduna-Kano pipelines would deepen gas utilisation in the country.

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