Nigerians have been guaranteed that there would not be an increase in the pump price of Premium Motor Spirit (PMS) commonly called petrol.
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said this while reacting to speculations that the price of the commodity would soon be reviewed upward due to scarcity and high exchange rate of the dollar to Naira.
Addressing State House correspondents after a meeting with President Muhammadu Buhari in Abuja, the NNPC boss said, “I have not been directed to increase the pump price, even the other price was based on recommendation from the regulatory body.”
“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes,” he continued.
He also said, “So far, the request for forex for importation of petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion litres on ground. So I don’t see any basis for increase.
“However, the review could be done by the right body, you should contact Petroleum Products Pricing Regulatory Agency (PPPRA), that is the regulatory body as far as petrol pricing is concerned.”