The Nigerian National Petroleum Corporation (NNPC )last week adjusted the pump price of petrol at its mega stations nationwide
from N141 to N145. In a statement released by the groups General Manager for
Public Affairs, Garba Deen Muhammed, the corporation reacted to the increase
and also denied claims of planning to increase pump price to N150 per liter.
Read the statement below...
The Nigerian National
Petroleum Corporation (NNPC) has said it is not empowered statutorily to tinker
with the pricing template of petroleum products as erroneously reported in some
national dailies. In a press statement on Monday, NNPC stated that the price
adjustment in its downstream facilities from N141 to N145 per litre is still
within the price band of N135 and N145 per litre approved on 11th May, 2016 by
the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in
charge of petroleum products pricing. The Corporation assured 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 confirmed the availability of over 1.6 billion litres of PMS in-country
that would last 45 days consumption. The NNPC said there was no time its
Management met the President to push for a hike in the pump price of petrol to
N150 per litre. It advised journalists to always cross check their facts before
going to press.
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