NNPC pledges to maintain current ex-depot price of petrol | Ripples Nigeria
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NNPC pledges to maintain current ex-depot price of petrol

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Increase in petrol price inevitable –Rewane

The Nigerian National Petroleum Corporation (NNPC) has revealed that it will maintain the current ex-depot price of Premium Motor Spirit, also known as petrol, until the conclusion of ongoing engagement with the organised labour.

The corporation disclosed this in a statement by its spokesman Dr Kenny Obateru, in Abuja, on Friday, March 26.

Ex-depot price is the price marketers buy products at the depot, it determines the price at which they sell to motorists.

He said the corporation, at the moment, was bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation.

READ ALSO: NNPC recorded ₦24.19bn trading surplus in December – Report

He stated that the NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even though the corporation is bearing the burden of price differentials between the landing cost and pump price of petrol.

Obateru advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.

He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.

He assured marketers and all other relevant stakeholders in the downstream sector of sustainable collaboration for the public interest.

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