Petrol Price: NNPC Douses Tension, Says No Increase Now

The Nigerian National Petroleum Corporation (NNPC) has said it
would maintain its current ex-depot price of petrol until the
conclusion of an ongoing engagement with the organised labour and
other stakeholders.

Speaking to reporters yesterday in Abuja, the Group General
Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru,
said the corporation, at the moment, was bearing the burden of
importing refined petroleum products, as the supplier of last
resort, to guarantee energy security for the nation.

This development comes after NNPC’s Group Managing Director
(GMD), Mele Kyari said the corporation could no longer bear subsidy
in its books.

Shedding more light on the remarks by Kyari at the State House,
Obateru stated that the NNPC had no intention to pre-empt ongoing
engagement with labour by unilaterally increasing the ex-depot
price of petrol.

He said as a proactive organisation, NNPC had made arrangements
for robust stock of petroleum products in all its strategic depots
across the country to keep the nation well supplied at all
times.

Obateru advised petroleum products marketers not to engage in
arbitrary price increase or hoarding of petrol to avoid disrupting
the market.

He also urged motorists not to engage in panic buying, stressing
that NNPC was committed to ensuring energy security for the country
as the supplier of last resort.

The national oil company’s spokesman assured marketers and all
other relevant stakeholders in the downstream sector of sustainable
collaboration in the public interest.

Speaking during a ministerial briefing on Thursday at the
Presidential Villa, Abuja, Kyari said NNPC could no longer bear the
burden of under-priced sales of premium motor spirit (PMS), better
known as petrol, adding that the market price need to be
implemented.

He said NNPC was paying between N100 and N120 billion a month to
keep the pump price at the current levels.

“The price could have been anywhere between N211 and N234 to the
litre. The meaning of this is that consumers are not paying for the
full value of the PMS that we are consuming and therefore someone
is paying that cost,” he had said.

“As we speak today, the difference is being carried in the books
of NNPC and I can confirm to you that NNPC may no longer be in a
position to carry that burden.”

The Nigerian National Petroleum Corporation (NNPC) has said it
would maintain its current ex-depot price of petrol until the
conclusion of an ongoing engagement with the organised labour and
other stakeholders.

Speaking to reporters yesterday in Abuja, the Group General
Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru,
said the corporation, at the moment, was bearing the burden of
importing refined petroleum products, as the supplier of last
resort, to guarantee energy security for the nation.

This development comes after NNPC’s Group Managing Director
(GMD), Mele Kyari said the corporation could no longer bear subsidy
in its books.

Shedding more light on the remarks by Kyari at the State House,
Obateru stated that the NNPC had no intention to pre-empt ongoing
engagement with labour by unilaterally increasing the ex-depot
price of petrol.

He said as a proactive organisation, NNPC had made arrangements
for robust stock of petroleum products in all its strategic depots
across the country to keep the nation well supplied at all
times.

Obateru advised petroleum products marketers not to engage in
arbitrary price increase or hoarding of petrol to avoid disrupting
the market.

He also urged motorists not to engage in panic buying, stressing
that NNPC was committed to ensuring energy security for the country
as the supplier of last resort.

The national oil company’s spokesman assured marketers and all
other relevant stakeholders in the downstream sector of sustainable
collaboration in the public interest.

Speaking during a ministerial briefing on Thursday at the
Presidential Villa, Abuja, Kyari said NNPC could no longer bear the
burden of under-priced sales of premium motor spirit (PMS), better
known as petrol, adding that the market price need to be
implemented.

He said NNPC was paying between N100 and N120 billion a month to
keep the pump price at the current levels.

“The price could have been anywhere between N211 and N234 to the
litre. The meaning of this is that consumers are not paying for the
full value of the PMS that we are consuming and therefore someone
is paying that cost,” he had said.

“As we speak today, the difference is being carried in the books
of NNPC and I can confirm to you that NNPC may no longer be in a
position to carry that burden.”