NNPC debunks claim of fuel pump price hike

The Nigerian National Petroleum Corporation (NNPC) says there is no plan to increase the prices of petroleum products both at the ex-depot level and pump price.

The NNPC said this in a statement made available on Monday in reaction to rumours of an impending fuel price hike ahead of the yuletide.

In the statement issued by Ndu Ughamadu, its general manager, group public affairs division, the corporation said the ex-depot petrol price of N133.38 per litre and the pump price of N143/N145 per litre remains the same.

It also said it has enough fuel in stock to ensure seamless supply and distribution of products across the country.

While enjoining other users of petroleum products to disregard the rumour, the NNPC said it has the full commitment of all downstream stakeholders including petroleum marketers and industry unions to cooperate in achieving zero fuel scarcity this season and beyond.

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It also enjoined motorists not to engage in panic buying or indulge in the dangerous practice of stocking petroleum products in jerry cans at home.

The corporation added that its downstream subsidiary companies — the Petroleum Products Marketing Company (PPMC) and NNPC Retail Limited — are “fully geared up” to ensure that motorists enjoy adequate supply of petrol throughout the country.

In May 2016, the federal government had increased the pump price of fuel from N86.50 to N145.

Ibe Kachikwu, minister of state for petroleum resources, said at the time that the increase was as a result of the fuel scarcity and supply difficulties being experienced in the country.