Fuel pump price has notably been increased by the Nigerian National Petroleum Corporation (NNPC) at its mega stations by N4, making it N145/litre as against its previous N141/litre.
This is the first time, NNPC’s retail outlets will sell fuel at such pump price, even though the new N145 price remains within the maximum price cap fixed by the Federal Government in May.
Previously, prices have been hovering between N143 and N141 per litre at NNPC and affiliate stations in major cities and even less at stations in the hinterlands.
Defending its actions, NNPC has said the new increase in the pump price is a result of the interplay of market forces, and there is no rule that compels any marketer including the NNPC to sell at a particular price.
According to them, a pump price regime was introduced between N135 and N145, implying that one can sell anywhere within that range.
Recall that the NNPC had last month denied any plan to further hike the price of Premium Motor Spirit, PMS, also known as petrol, above the N145 maximum level, stating that current realities on ground didn’t support any increase.
Meanwhile, yesterday, the corporation unveiled plans to collaborate with the Republic of Niger on the purchase of crude oil from the country for supply to the Kaduna refinery.
In a statement made by the Group Managing Director, NNPC, Mr. Maikanti Baru, after a bilateral discussion with the Minister of Energy and Oil of the Republic of Niger, Hon. Foumakoye Gado, in Abuja, Baru said that the NNPC would partner with Niger in the area of sharing geological data to further boost the ongoing exploratory activities in the Chad Basin and Benue Trough.
Baru adds that there is an understanding between the NNPC and Republic of Niger to share data on the exploratory activities in the Chad Basin and the Benue Trough and to tap into that country’s experience.