Why NNPC Is Not Hiking Petrol Pump Price-Corporation - EDU-BIZNEWS


Thursday, February 18, 2021

Why NNPC Is Not Hiking Petrol Pump Price-Corporation

Nigerian National Petroleum Corporation (NNPC) has explained the reason for  resisting the temptation of hiking the ex-depot price of Premium Motor Spirit (PMS) this February, admidst the continous increase in the price of crude oil in the global market

NNPC says is still waiting for conclusion of the stakeholders and labour consultation meeting, before deciding on what next to do.

The Group General Manager, Group Public Affairs Division of the corporation ,Dr. Kennie Obateru who this known in a statement,  assured the consumers that there would not be any form of price hike in spite of the rise in the price of crude oil in the international market.

His words “The decision was to allow ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded”.

The Corporation' cautioned  petroleum products marketers against hoarding of petrol, to avoid creating artificial scarcity and unnecessary hardship for Nigerians.

NNPC  assured consumers of enough stock of petrol to keep the nation well supplied for about 40 days.

The Corporation asked  relevant regulatory authorities, the Department of Petroleum Resources (DPR) to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

Edu-Biznews recalled that the Minister Of State For Petroleum Resources, Dr. Timipre Silva asked Nigerians to brace up for possible increase in the pump price of the product, following the prevailing price of crude oil in the world market and the deregulation of  the downstream sector  in the country, last March 2020 .

Meanwhile Edu-Biznews observed that  some of the filing stations in Abeokuta, the Ogun State capital and some other parts of the country had adjusted their pump price from the N162 to between N167 and N170 per liter, despite the assurance by NNPP

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