Petrol Price Increase: NNPC Clears Up FG’s Intended Action

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The Nigerian National Petroleum Corporation (NNPC) has advised Nigerians not to engage in any panic buying of petroleum products as the Federal Government is not about increasing the pump price of petrol.

NNPC spokesman, Ndu Ughamad issued a statement to this effect late Wednesday, to dismissing the report of a likely increase in the price of the products.

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Petroleum Price To Further Increase From N145 Per Liter - NNPC

He said the corporation had a 1.3billion litre stock of premium motor spirit (PMS), otherwise called petrol, which is sufficient to serve the nation for more than 38 days.

“This plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre,” the statement read.

“NNPC wishes to assure Nigerians that there is no iota of truth in the rumour that government is scheduled to adjust pump price of petrol.

“Indeed, with the resumption of production by the Corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of PMS, automotive gas oil (AGO), diesel and kerosene.”



Ughamadu said NNPC’s chief operating officer of the refineries, Anibor Kragha explained the state of refineries to lawmakers when he appeared before the senate on Wednesday.

“Mr. Anibor Kragha briefed the senate committee on petroleum downstream in a presentation on the current status of the refineries at the National Assembly Complex in Abuja,” he said.

“In the presentation, Kragha told the legislators that the nation’s three refineries produced additional volumes of 4.6 million litres of kerosene and 7.7 million litres of diesel, in addition to millions of litres of petrol being refined daily at the nation’s refineries.

“The assurances of availability of stock by the NNPC Chief Operation Officer of the Refineries yesterday still stand.”

There have been reports that the Federal Government has started paying subsidy on fuel as a result of the increase in the landing cost and total cost of fuel from N122.03 and N140.40 per litre, respectively, to N145.

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Meanwhile, the Nigeria Labour Congress had recently warned the Federal Government against another increment in fuel price as Nigerians can not stand another increase in the pump price of petrol considering the harsh economic situation in the country.

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