The Nigerian National Petroleum Corporation, NNPC, has stated categorically that there are no plans to increase the pump price of petrol.
The state-owned oil firm stated that it had a robust supply arrangement to guarantee sustainable supply of the product over a long period of time.
In a statement issued by Garba-Deen Muhammad, the Group General Manager, Group Public Affairs Division, NNPC, said rumours of an increase is untrue.
“Reference to the unsustainability of N145 per litre of petrol only relates to a possible spike in international market prices of petroleum products. This has been mitigated by the NNPC’s long- term procurement contract plan that guarantees stable pricing.”
The Group Managing Director, Crude Oil Marketing, NNPC, Mr. Mele Kyari, had on Monday stated that the sale of petrol at N145 per litre was no longer sustainable at the current exchange rate of the naira to the dollar.
“We have a very difficult business environment. It is impossible today to import products at the current market price and at the current fixed foreign exchange rate,” Kyari said in Lagos.
But the corporation promised to sustain the tempo of petroleum products supply across the country in the last three months of the year and beyond at the current rate of N145 per litre.
The NNPC added that it had resolved all issues that had to do with foreign exchange stability in order to ensure fuel price stability and distribution.
“Nigerians should not engage in panic-buying as there is no cause for alarm with respect to the pump price increase or shortage of products,” it said.
Providing further explanation on the matter, Muhammad told journalists in Abuja that if there was going to be any increase in the PMS pump price, “the Petroleum Products Pricing Regulatory Agency will definitely sensitise Nigerians to it and give reasons for it.”
He added, “As of this moment, there is absolutely no plan to do that and no need for that because we have more than enough supply. In addition to that, we also have long-term procurement contracts with our suppliers.
“The statement that people are referring to was made within the context of a technical explanation, not within the context of downstream operations. A new window to make forex available for marketers for their importation needs have been opened and they are satisfied with it”