No Need To Hike Petrol Price, Says NNPC

 No Need To Hike Petrol Price, Says NNPC

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The Nigerian National Petroleum Corporation (NNPC) said yesterday that there is no plan to increase petrol price from the N145 per litre ceiling.
NNPC Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, told reporters in Abuja that there was a robust arrangement to guarantee fuel supply for a long time.
He insisted that the Federal Government had terminated petrol subsidy.
Speaking on the report that the N145 per litre was no longer sustainable, he said: “I have read the reports but the statement was made in the context of technical and logistics issues.”
The NNPC spokesman explained that “the bottom line regardless of what they (reports) are saying is that there is no plan whatsoever by government to increase fuel price above the N145 margin.
“If there is going to be anything like that agency responsible for price review would definitely sensitize Nigerians and say this is why. But as at this moment there is no plan to do that and and there is no need to do that.”
Stressing that the corporation has sufficient stock of product in our custody, he added that the corporation has a procurement contracts for supply of product beyond the ember months.
He said: “In addition to that we have a long term procurement contracts with our suppliers. So the usual reasons that would have led to increase in price at the moment have been well taken care of. We have contracts with our suppliers that will last throughout the ember months period.”
Muhammad said the NNPC in the last two weeks opened a new window for marketers to import products to foreclose the hurdles of their inability to access the foreign exchange which has been their major compliant and constrain.
According to him, owing to the new opportunity for the marketers to import their products, the corporation is awaiting them to make good their promise.
He insisted that supply had outweighed demand for petrol at filling stations.
He said: “There have been complaints and their complaints have been addressed to their satisfaction. A new window has been opened for them and in fact what is happening now is that we are waiting for them to deliver. A new window to make forex available for them has been opened and they are satisfied with it. We are waiting for them to deliver on their own promises.
“Like I said, what we have at the moment is a glut in the market. We have people who have even imported that are looking for people to buy their products. There is not even a hint of scarcity so what will generate it.”
Asked to state when the window was opened to the marketers, he said that about two weeks ago, the corporation met with the Central Bank of Nigeria representatives, the marketers laid their issues on the table which NNPC adequately addressed.

LTV

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