Oil & Gas
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THE Nigerian National Petroleum Corporation, NNPC, on Tuesday, October 25, denied any plan to further hike the price of premium motor spirit, PMS, also known as petrol, stating that current realities on ground would not support any price hike. Addressing newsmen in Abuja, Garba Deen Muhammad, group general manager, Group Public Affairs Division of the NNPC, said there was absolutely no plan, whatsoever, by the federal government or the NNPC to increase fuel price above the N145 maximum level.
According to Muhammad, 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, would definitely sensitise Nigerians on it and give reasons for the hike. He said: “As for this moment, there is absolutely no plan to do that and no need to 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 has 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.
“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations.”
— Oct 25, 2016 @ 18:00 GMT
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