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HomeTop NewsNNPC says not aware of fresh fuel pump price increase

NNPC says not aware of fresh fuel pump price increase

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Nigerian National Petroleum Company (NNPC) Limited on Wednesday washed its hand off the recent adjustment in the prices of premium motor spirit (PMS), also known as petrol by fuel marketers across the country, saying that the oil company has nothing to do with the increase.

According to the spokesman of the company, Garba Deen Muhammad, fixing the domestic price of fuel is not the prerogative of the NNPC and it transited to a commercial entity.

On Tuesday, reports claimed that NNPC, in a notice to oil marketers, approved an upward review in the pump price from N165 per litre to N179 per litre as well as the ex-depot price from N148.17 to N167 per litre.

The oil firm does not function as a regulator and consequently does not set prices for petrol, The Cable quoted the spokesman of the NNPC as saying.

He added that the company had no idea about the issue — as it did not emanate from it.

READ ALSO:  Nigerians paid 6.2% more for petrol in June, says NBS

“The NNPC no longer approves pump price review. That is the work of the midstream and downstream authority,” he said.

“I have no idea. They are the ones that tell you what price regime the government has approved, not NNPC. NNPC has already exited that entire situation. We are operating just like MTN now.”

An oil marketer who preferred anonymity said that the claims in the circulated message were “false” and “mischievous” as nothing of such happened between the government and marketers. 

However, the spokesperson, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Apollo Kimchi could not be reached as his mobile was switched off.

Following the hike in diesel price, oil marketers made a case for the increment of petrol price, citing soaring transport costs.

Although the federal government had insisted that the pump price of petrol remain N165 a litre, oil marketers said it is “not sustainable.”

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