The Nigerian National Petroleum Corporation has cleared the air on the speculation that the prices of Premium Motor Spirit[PMS] popularly called petrol would be soon increased. This followed the apprehension by Nigerians when the leadership of the Corporation said that it can no longer sell petrol at N145 Per litre due to the current price of foreign exchange.
This submission was made today by the Group General Manager, Group Public Affairs Division of the Corporation, Muhammad Garba-Deen who stated that there was no plan by the Federal Government to increase pump price of petrol above N145 Maximum.
According to him he said, if there is going to be anything like price hike, the agency responsible for fixing the price of petrol, the Petroleum Products Pricing Regulatory Agency [PPRA], will definitely make such known to Nigerians. He added that at present, there was no subsidy on petrol and that the long-term contracts entered into by NNPC with buyers and suppliers had long addressed the issue of foreign exchange volatility.
Similarly, he added that as at this moment, there is absolutely no plan to increase pump price of petroleum products due to availability of enough supply.
“We have a very robust stock of product in our custody”