Corporation dismisses report of plan to hike pump price of petrol

chika ebuzor

November 8, 2016 6:00 AM

Muhammad said the increase in price of petrol by NNPC filling stations to N145 was still within the price band.

The Nigerian National Petroleum Corporation (NNPC), has again debunked report that it plans to hike the pump price of petrol.

Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, NNPC made the denial in a statement issued to newsmen on Monday in Abuja.

He said that the NNPC is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.

The Corporation had on Oct. 23 debunked the report that plans were in the offing to increase the pump price of fuel.

The NNPC spokesman said that the adjustment of the pump price of petrol by NNPC filling stations from N141 to N145 per litre was still within the approved price band.

“The price adjustment is still within the price band of N135 and N145 per litre approved on May 11 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.

“The Corporation assures marketers and motorists of its readiness to continue to play its statutory role of being the supplier of last resort and ensuring energy security for the nation.

“The NNPC further confirms the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.

“There was no time the NNPC management met the President to push for a hike in the pump price of petrol to N150 per litre,” Muhammad said.

He advised journalists to always cross check their facts before going to press.

chika ebuzor