Petrol to remain at N145 – NNPC

The Nigerian National Petroleum Corporation (NNPC) on Tuesday denied rumours that the pump price of Premium Motor Spirit, popularly known as petrol will be increased.

In a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Garba-Deen Muhammad, the corporation said, “Reference of unsustainability of N145 per litre of petrol only relates to possible spike in international market price of petroleum products.

“This has been mitigated by NNPC’s long-term procurement contract plan that guarantees stable pricing.”

On Monday, Group Managing Director, Crude Oil Marketing, NNPC, Mr. Mele Kyari, reportedly said that the sale of petrol at N145 per litre was no longer feasible with the current foreign exchange.

“We have a very difficult business environment. It is impossible today to import products at the current market price, at the current fixed foreign exchange, forex rate,” Kyari reportedly said in Lagos.

 

But the corporation in its statement on Tuesday said there was no cause for alarm.

“Nigerians should not engage in panic buying, as there is no cause for alarm with respect to pump price increase or shortage of products,” it said.

Speaking further Muhammad told journalists in Abuja that if there was going to be any increase in PMS price, “the PPPRA (Petroleum Products Pricing Regulatory Agency) would definitely sensitise Nigerians on it and give reasons for it.”

He added, “As for this moment, there is absolutely no plan to do that and no need for that because we have more than enough supply. In addition to that, we also have long-term procurement contract with our suppliers.

“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations. A new window to make forex available for marketers for their import needs have been opened and they are satisfied with it.”

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