…No plan to review fuel price — NNPC

By Michael Eboh, Fortune Eromosele & Temitayo Gold

Nigerian National Petroleum Corporation, NNPC, said, yesterday, that the Federal Government was not considering undertaking a review of the pump prices of petroleum products, especially Premium Motor Spirit, PMS, also known as petrol.

Oil

This came on a day the  NNPC also said its subsidiary, Nidas Shipping Services, has resumed the international shipment of crude oil and petroleum products and had already got its first consignment.

In a statement in Abuja, General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, affirmed that contrary to the misinformation trending in the social media that the Federal Government had no plan to review prices of petroleum products, either downwards or upwards, there was no such plan.

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Ughamadu stated that despite the fact that NNPC, since October, 2017, had been the sole importer of PMS into the country, as oil marketing companies, OMC, could not import due to the open market price being much higher than the N145 per litre official selling price, government had no plan to review the market prices of products.

He cautioned rumour mongers to be wary of the impacts their ignoble act could cause on prices of petroleum products, especially petrol as the festive period draws nearer.

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Meanwhile, NNPC, yesterday, said its subsidiary, Nidas Shipping Services, had resumed the international shipment of crude oil and petroleum products and had already gotten its first consignment.

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In a statement in Abuja, Ughamadu said global tanker fixture’s report had acknowledged the chartering of LRI tanker, MV Atlantica Bridge by Nidas to load jet fuel from El Dekheila Port, Egypt, for delivery to Nigeria for Duke Oil.

The fixture report, he said, also captured Nidas’ booking of tanker Res Cogitans to load Mercuria’s gasoline cargo for early-November loading from Europe’s Amsterdam-Rotterdam-Antwerp (ARA) region to Offshore Lagos.