Tuesday, August 9, 2016

NNPC boss rules out increase in petrol pump price

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru has ruled out the possibility of any imminent increase in the pump price of Premium Motor Spirit, PMS, otherwise known as petrol.
Oil marketers had, on Monday, asked Nigerians to prepare for another increase in the pump prices of petrol owing to the continued scarcity of foreign exchange, forex, to finance the importation of the product.

Expressing worry that the US dollar exchanged for an all-time high of N400 at the unofficial market last week, the marketers warned that if not urgently addressed, the pump prices of petrol would not remain at the approved rates.

But speaking with State House correspondents at the Presidential Villa, Abuja, Baru said that he has not received any directive for increase, adding that the request for forex for importation of petrol has been met.

While asserting that the supply situation for petrol in the country is robust and will not push price increase, he said: “I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body.

“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust.

“We are meeting demands. We have over 1.4 billion liters on ground. So I don’t see any basis for increase.

“However, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concern,” the NNPC boss added.

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