No plan to hike fuel price, says NNPC

The Group Managing Director of the Nigeri­an National Petroleum Corporation (NNPC), Mai­kanti Baru, has dismissed any suggestion towards another increase in the pump price of petrol also known as Premium Motor Spirit (PMS).

Some oil marketers had hinted of such need owing to their increasing difficulty in obtaining foreign exchange to import petrol.

Nigerians are still strug­gling to adjust to last May’s deregulation of the down­stream oil sector, which raised the pump price of petrol from N86 per litre to N145 per litre.

Baru cleared the air on the matter yesterday after he held a closed-door meeting with President Muhammadu Bu­hari at the Presidential Villa, Abuja.

The NNPC boss told State House correspondents he had not received any directive to effect another hike and that the factors that triggered the last increase have abated.

His words: "I have not been directed to increase pump price. Even the oth­er price (increase) was based on the recommendation from the regulatory body. I am not aware that they are planning another increase.

"You know there are sever­al factors that necessitated that increase, especially the issue of exchange rate that has moved up and we don't expect any se­rious changes.

"So far, the request for fo­rex for importation of gaso­line, popularly called petrol, has been met," he said.

Baru added that the sup­ply of the petrol nationwide has remained adequate, hence no reason to tinker with the idea of further increase in the pump price.

According to him, "our supply situation is robust and we are meeting demands. We have over 1.4 billion litres on ground. So, I don't see any ba­sis for price increase.

"However, the review could be done by the right body - you should contact PPPRA (Petroleum Products Pricing and Regulatory Agen­cy). That is the regulatory body as far as petrol pricing is con­cerned," Baru stated.