Looming increase of petrol pump price: NNPC denies impending price increase

The Nigerian National Petroleum Corporation (NNPC) on Monday denied the speculations of impending increase of the pump prices of petroleum products in the country, particularly, Premium Motor Spirit (PMS), petrol, by the federal government.

NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, in a statement in Abuja in Abuja on Tuesday, declared that the Federal Government has no plan to review prices of white products either downwards or upwards.

National Daily gathered that Ughamadu remarked that despite that fact that NNPC, since October, 2017, had been the sole importer of PMS into the country as the Oil Marketing Companies (OMCs) could not import due to the Open Market Price being much higher than the N145/litre official selling price, Government has no plan to review the market prices of products either upwards or downwards now.

Ughamadu was said to have admonished rumour mongers to be cautious of the effects of their misinformation on prices of petroleum products as the festive period draws near. He warned that if not checked, the insinuation of unsubstantiated price review can lead to artificial scarcity, hoarding of products by consumers which in turn may result in unwarranted queues and suffering of Nigerians at fuel stations.

The Group Public Affairs Manager requested that members of the public should report any station which sells PMS above the N145 recommended price to the offices of the Department of Petroleum Resources (DPR) nationwide.

Ughamadu maintained that the recent statement of the NNPC GMD, Dr. Maikanti Baru, that the corporation had 37 days stock of PMS remains reliable. He stated that the NNPC GMD has devised strategies to ensure that Nigerians have a hitch-free festive period.