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Buhari Has Not Approved Fuel Price Increase – NNPC

By Tony Nwanne

The Nigerian National Petroleum Corporation (NNPC) on Monday denied reports of an imminent increase in the price of petrol to N150/litre.

The corporation said there was no time its Management met President Mohammadu Buhari to push for a hike in the pump price of petrol to N150 per litre.

It said that the recent price adjustment at its mega stations from N141 to N145 per litre was still within the price band of N135 and N145 per litre approved on 11th May by the federal government.

It was reported after visiting some NNPC mega stations in Abuja last week that the NNPC had on Tuesday November 1 increased the prices of petrol at its retail stations by N4/lire from N141 to N145.

But NNPC in a press statement stated that the price adjustment was still within the price cap fixed by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.

NNPC said it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in somenational dailies.

The Corporation assured marketers and motorists of its readiness to continue to play its statutory role of being the supplier of last resort and ensuring energy security for the nation.

The NNPC further confirmed the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.

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