(August 10, 2016) The Group General Manager, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru has ruled out the possibility of imminent increase in the pump price of petrol. There are online reports suggesting that the federal government will soon increase the price which in May this year jumped from N86 to N145 per litre.
But speaking with State House correspondents at the Presidential Villa, Abuja, Baru said he had not received any directive to increase fuel price.
Noting that the request for foreign exchange (forex) for importation of petrol had been met, he said the supply situation for fuel in the country was robust and won’t push price up.
He said: “I have not been directed to increase petrol pump price, even the other price was based on recommendation from the regulatory body. I’m not aware that they are planning to do any increase; you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.
“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 liters on ground. So I don’t see any basis for increase.
“However, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concerned.”