The Nigerian National Petroleum Corporation (NNPC) has dismissed the purported plan to hike the pump price of petrol also known as premium motor spirit (PMS) saying it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.
The corporation according to a statement from Garba-Deen Mohammed, it’s spokesman on Monday, stated that the price adjustment in its downstream facilities from N141 to N145 per litre is still within the price band of N135 and N145 per litre approved on 11th May, 2016 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.
Ibe Kachikwu, minister of state for petroleum, had weekend hinted that the Federal Government would undertake a review of the pricing template.
Kachikwu disclosed that the review of the template, which would be done with oil marketers and other stakeholders, would help cushion the effect of rising foreign exchange rates and the dwindling value of the naira against major international currencies on the price of petrol.
He also stated that he is not aware of the fact that the retail arm of the NNPC has increased the price of petrol from N141 per litre to N145 per litre, the maximum price allowed by government under the price modulation mechanism.
The speculation about possible imcreament in the price of petrol has been hinged on rising foreign
exchange rates.
However, the NNPC in the statement assured marketers and motorists of its readiness to continue to play its statutory role of being the supplier of last resort and ensuring energy security for the nation.
The NNPC further confirmed the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.
The NNPC said there was no time its Management met the President to push for a hike in the pump price of petrol to N150 per litre.
It advised journalists to always cross check their facts before going to press.
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