Tuesday, August 9, 2016

No Plan To Increase Fuel Price - NNPC Boss

The federal government has denied reports of an imminent increase in pump price of fuel.

There had been speculations of a fresh raise, two months after the government increased the price of petrol from N86.50 to N145 a litre. Reports said the government was considering new rates as Nigeria’s foreign exchange crisis continues to hamper importation of products.

But speaking to journalists on Tuesday after a meeting with President Muhammadu Buhari, the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, said the government had no such plans.

“I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body,” he said.

“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.”