No plan to increase fuel pump price, says NNPC boss

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has dismissed suggestion that the Federal Government is planning to increase the pump price of Premium Motor Spirit (PMS) from the current N141/145 per litre.

Speaking with State House correspondents after meeting with President Muhammadu Buhari at the Presidential Villa, Abuja, Baru denied receiving directive from any quarter to effect review of the price.

The clarification by the NNPC boss comes against the backdrop of the alarm by fuel marketers, who have reportedly complained of scarcity of the dollar, which they said was impacting negatively on importation of the products.

The Federal Government had on May 11, this year, announced an increase in the pump price of PMS from N86 to N145 per litre.

Baru noted that since the last increment, there had not been any plan to do so, but quickly added that appropriate government agency could review the development if the situation demanded.

“I have not been directed to increase pump price. Even the other price was based on recommendation from the regulatory body. I’m not aware that they are planning any increase. You know, there are several factors that necessitated that, especially the issue of exchange rate, which has moved, and we don’t expect any serious changes,” he said.

He added: “So far, the request for forex for importation of gasoline, popularly called petrol, has been met, and our own supply situation is robust. We are meeting demands. We have over 1.4 billion litres on ground.

“So, I don’t see any basis for increase. However, the right body could do the review. You should contact the Petroleum Products Pricing Regulatory Agency (PPPRA). That is the regulatory body, as far as petrol pricing is concerned.”