The Nigerian National Petroleum Corporation, NNPC, has debunked reports suggesting it plans to further increase the price of Premium Motor Spirit, (PMS), stating that current realities on the ground didn’t support any hike.
Mr. Muhammad Garba-Deen, the Group General Manager, Group Public Affairs Division of the NNPC, made this known while addressing reporters in Abuja on Tuesday, he said there was absolutely no plan by the Federal Government or the NNPC to increase fuel price above the N145 maximum level.
The Petroleum Products Pricing Regulatory Agency, PPPRA, is the agency responsible for fixing the price of petrol and they are in the position to alert Nigerians and give reasons if there would be a price change, he explained.
“As per this moment, he added, there is absolutely no plan to do that and no need to do that, because we have more than enough supply; we have very robust stock of product in our custody. In addition to that, we also have long-term procurement contract with our suppliers.
“The usual reason that would necessitate a review of price at the moment had been taken care of. We have long term procurement contract with our suppliers; we have more than enough supply to last us throughout the ember months and beyond.
“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations,” he stated.