NNPC denies plans to further hike fuel price

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The Nigerian National Petroleum Corporation, NNPC on Monday denied reports it was contemplating another increase in the pump price of petrol after unilaterally adjusting the retail fuel price from N141 per litre to N145 on Thursday. Following the adjustment, reports had gone round the NNPC was planning further increases in the price of fuel to about N150 per litre.

But, the corporation in a series of tweets through its official tweeter handle, @NNPCgroup, on Monday denied any attempt by its management to pressurise President Muuhammadu Buhari to push a hike in the petrol price to N150 per litre.

“NNPC is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some dailies,” the NNPC said.

”The price adjustment in NNPC downstream facilities, from N141 to N145 per litre is still within the price band of N135-N145 per litre approved by the Pipelines and Products Pricing Regulatory Agency (PPPRA).”

While assuring marketers motorists and consumers of its readiness to continue to be the supplier of last resort, to ensure energy security for the country, the NNPC said it had over 1.6 billion litres of premium motor spirit (PMS) available to meet 45 days consumption.

Following the announcement of the new pump price, the Minister of State for Petroleum Resources, Ibe Kachikwu, faulted the N4 adjustment at NNPC mega stations across the country.

Mr. Kachikwu had denied knowledge of the decision by the NNPC to carry out the fuel price increase, saying there were processes for such decisions. Although he expressed surprise at the decision, the minister said the increase could be as a result of foreign exchange differentiation between the official exchange rate to the dollar and parallel market price.

Regardless, neither the minister nor the NNPC management has done anything to direct the return of the pump price to what it was.