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No intension, whatsoever, to increase petrol pump price, NNPC reiterates

For the umpteenth time, the Nigerian National Petroleum Corporation (NNPC) has denied it has a plan to execute an increase in petrol price.


In a statement today by spokesman Ndu Ughamadu, the corporation gave assurance to motorists and other consumers of petroleum products that the pump price of petrol remains N143 per litre in NNPC Retail outlets and N145 in other fuel stations.

He said the PMS ex-depot price remains at N133.28k per litre to marketers.

“NNPC affirms that it has no intension, whatsoever, to execute any increase in the pump price of petrol, as such the price of PMS stands at N143 per litre in NNPC Retail outlets and N145 per litre in other fuel stations.

“In the last few weeks, the corporation has increased its daily truck-outs of PMS per day to ensure petrol sufficiency across the states of the federation.

`’Motorists and other consumers of petroleum products are assured that NNPC has a robust sufficiency of petroleum products to cater for their daily consumption.

”Marketers are hereby cautioned against hoarding or diversion, as law enforcement agencies have been enjoined to deal appropriately with defaulters.

On Thursday night, the Ministry of Petroleum also debunked speculations that government was planning to increase the pump price of petrol from N145.

The rumours was triggered by a misunderstood testimony by the Minister, Ibe Kachikwu before a National Assembly Committee, that the landing cost of imported petrol is now N171 as against N131, when the N145 was fixed in 2016.

Despite the explanation by the minister that a committee was meeting to find a solution, the news spread abroad that government was planning to increase the price.

Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister’s submission made to the joint committee of the National Assembly on Petroleum Downstream.

“The Ministry of Petroleum Resources would like to categorically state that the Honourable Minister never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of Premium Motor Spirit (PMS)”, Alibi said.

Alibi restated what Kachikwu told the hearing, shown live on NTA that the Presidency has set up a special committee to identify the immediate and remote causes of the fuel scarcity with a view to finding both immediate and long lasting solutions to the challenge.

“The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing. The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval”, said Alibi.

Alibi urged the public and indeed stakeholders in the Oil and Gas sector to disregard any such report of a price increase.


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