NNPC Insists ‘No Plan to Hike Fuel Price’

By Dipo Olowookere

For the umpteenth time, the Nigerian National Petroleum Corporation (NNPC) has maintained that it has no plan to raise upward the pump price of Premium Motor Spirit (PMS), otherwise called petrol.

This comes after reports suggested that the price of the commodity would be increase by the Federal Government any moment.

At the public hearing organised by the Senate last week, Minister of State for Petroleum, Mr Ibe Kachikwu, disclosed that with the present pump price of N145 per litre in the country, it was difficult for oil marketers to import the product and sell at that price because the landing cost of petrol was now N171 per litre.

He said the scarcity of petrol being experienced in the country was as a result of inability of the marketers to bring in the product.

The Minister had suggested that if the marketers must import petrol into Nigeria, they may have to sell above N170 per litre. He said another alternative was to give the oil marketers a special forex rate that would make them sell at N145 per litre.

But after the public hearing, there were reports that government was planning to increase price of the product, which Nigerians are not happy about.

However, the NNPC has urged citizens not to panic as there was no plan to execute an increase in the pump price of petrol.

In a statement, the state-owned oil firm assured motorists and other consumers of petroleum products that the pump price of petrol remains N143 per litre in NNPC Retail outlets and N145 per litre in other fuel stations, while PMS ex-depot price of N133.28k per litre to marketers is still being maintained.

The statement said in the last few weeks, the NNPC has increased its daily truck-outs of PMS per day to ensure petrol sufficiency across the states of the federation.

Motorists and other consumers of petroleum products are assured that NNPC has a robust sufficiency of petroleum products to cater for their daily consumption, the statement said.

“Marketers are hereby cautioned against hoarding or diversion, as law enforcement agencies have been enjoined to deal appropriately with defaulters.

“Again, NNPC affirms that it has no intention, whatsoever, to execute any increase in the pump price of petrol, as such the price of PMS stands at N143 per litre in NNPC Retail outlets and N145 per litre in other fuel stations,” it maintained.