Fuel Price ‘No plan for increase,’ NNPC boss says

Oil marketers in the country had warned that the price of petrol would likely go up due to the scarcity of foreign exchange.

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Maikanti Baru play

Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru

(Financial Watch)
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The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has said that there’s no plan to increase the price of fuel in the country.

Oil marketers in the country had warned that the price of petrol would likely go up due to the scarcity of foreign exchange.

However, according to Baru, there’s no basis for an increase because the request for forex for importation of petrol had been met.

The NNPC boss made the clarification to journalists on Tuesday, August 9, 2016, after meeting with President Muhammadu Buhari at the Presidential Villa in Abuja.

“I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body,” Baru said according to Punch.

“I am not aware that they are planning to do any increase. You know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far, the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion litres on ground.

“So I don’t see any basis for increase, however, the review could be done by the right body. You should contact PPPRA, that is the regulatory body as far as petrol pricing is concerned,” he added.

ALSO READ: Nigerians should prepare for fuel price increase - Marketers

The price of fuel was increased to N145 from N86 on Wednesday, May 11, 2016 after the Federal Government scrapped the subsidy regime.

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said at the time that pegging petrol at N145 was the best solution to the fuel crisis being experienced in the country.

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