NNPC to maintain current pump price of petrol

The Nigerian National Petroleum Corporation (NNPC) has revealed that it will maintain the current ex-depot price of Premium Motor Spirit, also known as petrol, until the conclusion of ongoing engagement with the organised labour.

The assurance is coming after the Group Managing Director of NNPC, Mele Kyari, this week insisted that the price would inevitably increase, stressing that market forces must be allowed to determine the pump price of petrol in the country.

Kyari lamented the burden NNPC has inflicted on itself by the ongoing subsidisation of the cost of PMS in the country, saying that sooner than later Nigerians have to pay the actual cost for the commodity.

However, in a statement signed by the group’s spokesman Dr. Kenny Obateru, in Abuja, on Friday, March 26, NNPC assured that the ex-depot price, which is the price marketers buy products at the depot, would remain the same pending the outcome of meetings with labour unions.

He said the corporation, at the moment, was bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation.

He stated that the NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even though the corporation is bearing the burden of price differentials between the landing costs and pump price of petrol.

Obateru advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.

He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.

He assured marketers and all other relevant stakeholders in the downstream sector of sustainable collaboration for the public interest.