No Plan To Increase Petrol Price, NNPC Tells Nigerians Not To Panic

The Group General Manager, Group Public Affairs Division of the NNPC, Muhammad Garba-Deen, has said there was absolutely no plan by the Federal Government to increase pump price of petrol above N145 maximum level.

He said a statement people were referring to was made within the context of technical explanation, not within the context of downstream operations.

According to him, if there is going to be anything like a price hike, the agency responsible for fixing the price of petrol, the Petroleum Products Pricing Regulatory Agency (PPPRA), will definitely sensitise Nigerians on it and give reasons for the hike.

He added that at present, there was no subsidy on petrol, and that the long-term contracts entered into by the NNPC with buyers and suppliers had addressed the issue of foreign exchange volatility.

“As per this moment, there is absolutely no plan to do that and no need to do that, because we have more than enough supply; we have very robust stock of product in our custody.

“ In addition to that, we also have long term procurement contract with our suppliers.

“The usual reason that would necessitate a review of price at the moment had been taken care of. We have long term procurement contract with our suppliers.

“We have more than enough supply to last us throughout the ember months and beyond,” he said.

Also, the Department of Petroleum Resources, DPR, on Wednesday began investigation into some depot owners in Apapa who sold fuel to marketers above the official ex-depot price of N133.28.

Dorothy Bassey, Assistant Director, Public Affairs, DPR, told the News Agency of Nigeria in Lagos that the agency would sanction depot owners found guilty.

According to Ms. Bassey, there is no reason for any depot to sell petrol above the official ex-depot price.

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Petrol Price Can Be N40 Per Litre, Says Independent Petroleum Marketers Association Of Nigeria

The Independent Petroleum Marketers Association of Nigeria, has agreed with the former Minister of Petroleum, Prof. Tam David-West, that petroleum pump price can sell for N40 per litre.

Chairman, Independent Petroleum Marketers Association of Nigeria, Mosimi, Ogun State, Adeleke Bada said this in an interview with journalists shortly after the association’s Annual General Meeting in Abeokuta, the state capital.

He said that he feat would be possible if only all the refineries in the country are revamped. He blamed the non-compliance of sale of petrol at the N87 per litre by some petroleum marketers on the expenses incurred by the marketers while trying to get the fuel available for the use of the masses.

Read More: Punch