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“There Is No Plan To Increase Pump Price Of Petrol” - NNPC

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The Nigerian National Petroleum Corporation (NNPC) has dispelled rumours going around that the Federal Government is planning to increase the pump price of petrol. The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Tuesday, clarified the report and allayed the fears of the public stressing that NNPC has not increased its ex-depot price. He said he is certain that NNPC is not likely to increase its ex-depot price in February. Speaking further he disclosed that NNPC has a stock of petrol that can last for over forty days. Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers engaging in hoarding petrol.

“We have sufficiency for almost 40 days. If people are hoarding or increase their prices, it is for the DPR to look into it,” he added.

The Major Oil Marketers of Nigeria (MOMAN) also declared that there was no increment in the pump price of petrol. it also wondered whether any fuel marketer was getting supply from any source other than the NNPC.

MOMAN Chairman, Tunji Oyebanji, said none of his members has hiked fuel price, adding that all marketers currently source products from the NNPC.

The chairman stated that right from the time that the Federal Government claimed it has deregulated the downstream oil sector, marketers were at liberty to sell at any price reflecting their operational cost.

He said if the unilateral fuel price increase had come from some of his members, the government would have wielded the big stick.

Oyebanji added that the Federal Government desired to deregulate the downstream oil sector, adding that if that had taken place, the price would have gone up astronomically.

He stated further that the government was in consultation with Labour to avoid a steep rise in petroleum products prices.