No plan to increase fuel prices, NNPC boss says
The Group Managing Director of Nigerian National
Petroleum Corporation (NNPC), Dr Maikanti Baru,
has dismissed reports that the corporation will soon
announce an increase in the pump price of
Premium Motor Spirit (PMS).
A section of online media had reported that because
of the high cost of foreign currencies, NNPC had
concluded plans to increase the pump price of PMS
from N145 per litre to between N170 and N200.
Baru, however, denied any knowledge of the price
increase, saying that there was no directive to that
effect.
He said that importers of the commodity had no
justification to increase the price as their foreign
exchange demands had been met and supply of the
fuel was robust.
“I have not been directed to increase 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.
“So far the request for forex for importation of
gasoline, popularly called petrol, has been met and
our own supply situation is robust, we are meeting
demands.’’
The managing director, however, revealed that
Petroleum Products Pricing Regulatory Agency
(PPPRA) could review the prices of petroleum
products when necessary.
He said that NNPC currently had in stock over 1.4
billion litres of PMS for sale to the public at
government controlled price of N145 per litre.
“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 PPPRA, that is the regulatory body as far as
petrol pricing is concerned,’’ he said.
NAN recalls that NNPC on May 11 increased the
pump price of PMS from N86.5 to N145.
Petroleum Corporation (NNPC), Dr Maikanti Baru,
has dismissed reports that the corporation will soon
announce an increase in the pump price of
Premium Motor Spirit (PMS).
A section of online media had reported that because
of the high cost of foreign currencies, NNPC had
concluded plans to increase the pump price of PMS
from N145 per litre to between N170 and N200.
Baru, however, denied any knowledge of the price
increase, saying that there was no directive to that
effect.
He said that importers of the commodity had no
justification to increase the price as their foreign
exchange demands had been met and supply of the
fuel was robust.
“I have not been directed to increase 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.
“So far the request for forex for importation of
gasoline, popularly called petrol, has been met and
our own supply situation is robust, we are meeting
demands.’’
The managing director, however, revealed that
Petroleum Products Pricing Regulatory Agency
(PPPRA) could review the prices of petroleum
products when necessary.
He said that NNPC currently had in stock over 1.4
billion litres of PMS for sale to the public at
government controlled price of N145 per litre.
“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 PPPRA, that is the regulatory body as far as
petrol pricing is concerned,’’ he said.
NAN recalls that NNPC on May 11 increased the
pump price of PMS from N86.5 to N145.
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