NNPC, FG Deny Plan To Announce New Fuel Pump Price Regime

Posted by African Examiner Featured, Latest Headlines, News Tuesday, September 6th, 2016

By Ganiyu Nasirudeen

ABUJA, NIGERIA (AFRICAN EXAMINER) Contrary to the latest speculation, the Nigerian National Petroleum Corporation (NNPC) has denied plan to direct another hike in the pump price of Premium Motor Spirit (PMS), also referred to as fuel.

NNPC Group Managing Director (GMD) Mr. Maikanti Baru, made the denial Monday while fielding questions from the State House Correspondents, after his meeting with President Muhammadu Buhari and Minister of State for Petroleum Resource, Dr. Ibe Kachikwu at the Presidential Villa, Abuja.

The Monday meeting was at the instance of reports that a meeting of former NNPC GMDs had recommended hike in PMS price, in view of the prevailing economic recession in the country.

Mr. Baru who was the first to make comment after the meeting with President Buhari, specified that his Corporation had no plan to announce new pump price of petroleum products.

However, Mr. Baru directed journalists to reach out to the Petroleum Product Pricing and Regulatory Agency (PPPRA‎), for further clarification on the matter.

In the same vein, the immediate past NNPC GMD Dr. Kachikwu, despite being evasive and declined to be detailed, responded that there was no memo before the Federal Government (FG) to the effect of introducing new pump price regime for PMS.

It would be recalled that the petroleum marketers have been in the last three months raising the alarm on looming fuel scarcity. The latest threat from the marketers which was also linked to FG was possible hike in the product’s price.

NNPC was being quoted to have said the current pump price of N145/litre was not sustainable in view of the Nigerian economic mood.

The reason adduced for the latest threat was attributed to scarcity of dollar, which they complained has been making sourcing and FOREX extremely difficult for them to import fuel into the country.

The current price regime was introduced around mid May this year, when FG successfully put final stop to payment of subsidy to the marketers.