NNPC says it’s not planning to increase petrol cost

The Nigerian National Petroleum Corporation (NNPC) has denied reports that it’s planning to increase the

NNPC made the denial via a statement released by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu.

The statement reads:

“There is no plan by government or any of its agencies to review the pump price of petrol above N145 per litre.”

“The rise in the bridging cost was achieved after an adjustment was made in the “lightering expenses” from N4 to N3 per litre and the difference transferred to compensate for the cost of bridging within the same template.

“What happened, in simple language, is a re-balancing of the margins allowed and approved for stakeholders. So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance.

“That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre. What this means is that even if we stop importation or refining of petrol right now, we have enough products in-country to provide for the needs of every Nigerian for a period of 36 days.

“There is absolutely no risk of shortage in supply as we also continue to import to support the production from the refineries.

“We have informed the Department of Petroleum Resources to enforce the prevailing N145 per litre price regime and also ensure that every service station that has fuel is selling to the public.”

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Fears of an impending fuel price increase were sparked by the increase in bridging costs to appease tanker drivers who went on strike to demand better working conditions.