NNPC denies slash in petrol prices

The Nigerian National Petroleum Corporation (NNPC) has denied reports in some social media of a purported reduction in current pump price of petrol from N87 to N57 per litre.

Describing the report as false, the Corporation advised members of the public to ignore such tales, noting that the price of petrol remained N87 per litre.

Meanwhile, a major step towards ensuring zero fuel queues throughout the country ahead of the forthcoming yuletide and beyond, kicked off on Monday with a meeting between Ibe Kachikwu, group managing director of the NNPC, and members of the Major Oil Marketers Association of Nigeria (MOMAN) alongside the Depot and Petroleum Products Association (DAPPMA) at the NNPC Towers, Abuja.

At the end of the session, the NNPC and key downstream operators reached a consensus to work together to eliminate all obstacles that could hamper the free flow of petroleum products across the country.

Addressing the downstream stakeholders, Kachikwu said “the issue of uninterrupted supply and distribution of petroleum products across the country is of utmost importance to the present administration. Government is willing to do everything possible to ensure that members of the public do not go through any form of hardship in accessing petroleum products particularly PMS.”

On the protracted subject of outstanding payment to oil marketers, Kachikwu promised to work with other relevant agencies of the Federal Government to fast-track payment of the outstanding numbers, promising in the interim to arrange for a meeting with the relevant creditors (bankers) in order to ease off pressure on marketers and extend the credit lines.

He noted that several financing mechanisms were being explored to offset the commitment to oil marketers. Hinting at the possibility of exploring the monthly payment option, the NNPC boss said: ”In the future, we may explore some creative means to prevent backlogs.’’

Speaking on behalf of MOMAN, Femi Olawore, secretary general of the major marketers, commended the GMD for his support and pledged the readiness of the marketers to work assiduously with the government in ensuring zero fuel scarcity across the nation.

Olawore called on Kachikwu to facilitate the institutionalisation of a special committee to verify and authenticate the current national PMS consumption figure of 40 million litres per day.

Also speaking, Dapo Abiodun, chairman of DAPPMA, commended the NNPC for what he termed “improved services at various PPMC product-loading facilities,” and urged the new management of the company to sustain the tempo.