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Fuel Price No plan to increase petrol cost – NNPC

The clarification was made after an NNPC GM said that it was no longer reasonable to sell fuel at N145.

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NNPC says N774m is spent daily on fuel subsidy play

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

(Financial Watch)

The Nigerian National Petroleum Corporation (NNPC) has said that it’s not planning to increase the price of fuel.

The clarification was made by NNPC spokesman, Muhammad Garba-Deen after Group General Manager, Crude Oil Marketing, Mele Kyari said that it was no longer reasonable to sell fuel at N145 per litre.

“As per this moment, there is absolutely no plan to do that and no need to do that, because we have more than enough supply; we have very robust stock of product in our custody. In addition to that, we also have long term procurement contract with our suppliers,” Garba-Deen says.

“The usual reason that would necessitate a review of price at the moment had been taken care of.  We have long term procurement contract with our suppliers; we have more than enough supply to last us throughout the ember months and beyond.

“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations. The marketers had been complaining and their complaints have been addressed adequately to their satisfaction. A new window has been opened for them, and in fact, what is happening now is that we are waiting for them to deliver.

“A new window to make foreign exchange  available for them for their importation needs have been opened and they are satisfied with it. We have fulfilled our own side of the bargain; we are waiting for them to deliver on their own promises,” Garba-Deen added.

ALSO READ: Fuel might cost N151 per litre soon

Kyari said, at the Oil Trading and Logistics Expo in Lagos, that the current price was unsustainable due to the unstable foreign exchange market.

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