Buhari unveils new roadmap on petroleum sector tomorrow

NNPC denies plan to increase pump price of fuel

President Muhammadu Buhari will tomorrow launch a new roadmap for the petroleum industry.

The roadmap, code-named, ‘Seven big wins,’ was described by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu as the short- and medium-term priority programmes of the Ministry of Petroleum Resources, aimed at accelerating the growth of the nation’s oil and gas industry.

The focal areas of the petroleum industry roadmap include: policy and regulation, business environment and investment drive, gas revolution, refineries and local production capacity, Niger Delta and security, transparency and efficiency; and stakeholder management and international coordination.

Meanwhile, the Group General Manager, Group Public Affairs Division of the NNPC, Garbadeen Muhammad has denied any plan to increase the pump price of petrol.

Muhammad said: “There is absolutely no plans by government to increase fuel price above the N145 per litre maximum level.”

He explained that it is the responsibility of the Petroleum Products Pricing Regulatory Agency (PPPRA) to communicate such a move to the general public and not the NNPC.

“If there is going to be anything like that the agency responsible for fixing price-the PPPRA-will definitely communicate to Nigerians and give reasons why that will happen. But as at this moment, there is absolutely no plan to do that and no need to do that because we have more than enough supply,” he added.

According to Muhammad, shocks that are likely to necessitate price increase have been taken care of by the long-term procurement contracts the corporation has with its suppliers.

The NNPC image-maker also revealed that a new window has been opened to make adequate forex available to marketers for importation.

He added: “We (NNPC) is now waiting for them (marketers) to deliver because the corporation has fulfilled its own part of the bargain. We have a glut in the market, people have imported and waiting for off-takers to buy their products to sell and it in every parts of the country.”

Muhammad also highlighted that there has been no shift away from price modulation and that the system has stabilised the market.

On whether subsidy exists in the supply chain, he said: “there is no subsidy in the market now.”

Yesterday, President of Trade Union Congress (TUC), Bobboi Kaigama warned the Federal Government against increase in the fuel price.

Kaigama accused the NNPC of double-speak on the issue as important as the price of petrol. He said the warning became necessary against the utterances of the Group General Manager, Crude Oil Marketing Department of the NNPC, Mr. Mele Kyari.