NNPC, Petroleum Ministry Deny Plans To Hike Fuel Price


The Nigerian National Petroleum Company and the Petroleum Ministry have denied plans to hike fuel price.

Minister of State for Petroleum, Dr. Ibe Kachikwu on Monday refuted media reports of a likely increase in the prices of petroleum products in the country.

Also supporting the view of the Dr. Kachikwu was the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Alhaji Maikanti Baru.

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Alhaji Baru affirmed Dr. Kachikwu’s position after a closed-door meeting with President Muhammadu Buhari in Abuja.

Dr. Kachikwu had after the meeting described the reports as false.

Speaking to State House correspondents on the issue after the meeting, Dr Kachikwu said:

“Have you seen any memo to that effect?’’

On his part, the NNPC GMD said that NNPC had no plans to increase the pump price of petroleum products.

NNPC Deny Plan To Hike Fuel Price

Alhaji Baru stressed that “there is nothing like that.’’

The GMD, however, directed the correspondents to go to the Petroleum Product Pricing and Regulatory Agency (PPPRA‎) for further clarification on the issue.

Recently, petroleum marketers had indicated their intention to increase the prices of petroleum products.

The oil marketers cited the continued scarcity of foreign exchange to finance importation of the products, as the reason for the planned hike.

READ ALSO:  North Oil Search: Buhari Gives NNPC Fresh Order To ‘Find’ Oil By All Means

Meanwhile, global prices of crude oil rallied by up to five percent on Monday.

This followed agreements by top global producers Russia and Saudi Arabia to stabilize the market and curb excessive supply.

Saudi Energy Minister, Khaled Al-Falih and Russian Energy Minister,  Alexander Novak agreed to act together to steady the market.

The oil giants met at the G20 summit in the eastern Chinese city of Hangzhou, China.