Again, NNPC denies plan to hike petrol pump price

Nigerian National Petroleum Corporation (NNPC) has dismissed the purported plan to hike petrol pump price, saying it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.

The corporation, according to a statement from Garba-Deen Mohammed, its spokesman on Monday, said the price adjustment in its downstream facilities from N141 to N145 per litre, was still within the price band of N135 and N145 per litre approved on May 11, 2016 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.

Ibe Kachikwu, minister of state for petroleum, at the weekend, said the Federal Government would undertake a review of the pricing template, saying the review of the template, which would be done with oil marketers and other stakeholders, would help cushion the effect of rising foreign exchange rates and the dwindling value of the naira against major international currencies on the price of petrol.

The minister also stated that he was not aware of the fact that the retail arm of the NNPC had increased the price of petrol from N141 per litre to N145 per litre, the maximum price allowed by government under the price modulation mechanism.

The speculation about possible increment has been hinged on rising foreign exchange rates.

However, the NNPC in the statement 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.

It further confirmed the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption, saying 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.