The state-owned oil company, NNPC Finally Speaks on Increasing Fuel Price

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The state-owned oil company, NNPC has played down reports that the government is prepared to increase the price of petrol.

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The Nigerian National Petroleum Corporation on Wednesday said it was not true that the Federal Government was planning to increase the pump price of Premium Motor Spirit, popularly known as petrol, according to the Punch.
It stated that such claims were mere rumours and urged motorists in the country not to engage in any panic buying of petroleum products.
The NNPC assured motorists that it had 1.3 billion litres of PMS in stock, which it said was sufficient to serve the nation for more than 38 days.
In a statement issued in Abuja, the corporation stated, “This plea comes on the heels of reports that some motorists have begun panic buying of petrol following rumours that the government is about to increase the pump price of the white product from N145 per litre.

“The NNPC wishes to assure Nigerians that there is no iota of truth in the rumour that the government is scheduled to adjust the pump price of petrol.

“Indeed, with the resumption of production by the corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of PMS, Automotive Gas Oil, diesel and kerosene.”
This, it said, was explained on Tuesday by the refineries’ Chief Operating Officer, Mr. Anibor Kragha, while briefing the Senate Committee on Petroleum Downstream on the current status of the refineries at the National Assembly Complex in Abuja.
In the presentation, Kragha told the legislators that the nation’s three refineries produced 4.6 million litres of kerosene and 7.7 million litres of diesel, in addition to millions of litres of petrol being refined daily.
“The assurances of availability of stock by the NNPC chief operating officer of the refineries on Tuesday still stand,” the national oil firm said.

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