NNPC Boss Says No Plan To Increase Fuel Price


Nigerian National Petroleum Corporation, NNPC Boss, Dr Maikanti Baru  has denied reports of plans to increase fuel price.

This is coming on the heels of a report speculating that the NNPC may increase fuel price due to forex scarcity.

There had been speculations of a fresh raise, two months after the government increased the price of petrol from N86.50 to N145 a litre.

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Speaking to journalists on Tuesday after a meeting with President Muhammadu Buhari, the NNPC GMD said the government had no such plans.

The NNPC Boss, however, denied any knowledge of the price increase. Dr. Baru said that there was no directive to that effect.

NNPC Boss Says No Fuel Price Increase

He stated that importers of the commodity had no justification to increase the price as their foreign exchange demands had been met.

Dr. Baru also informed that supply of fuel was robust with over 1.4 billion litres of petrol on ground.

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He said:

“I have not been directed to increase pump price. Even the other price was based on recommendation from the regulated 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 concern.”