By Tony Nwanne
The Nigerian National Petroleum Corporation on Tuesday denied plans to hike the price of Premium Motor Spirit PMS, popularly known as petrol.
Garba-Deen Muhammad, the Group General Manager, Group Public Affairs Division, NNPC, in a statement noted that, “reference of unsustainability of N145 per litre of petrol only relates to possible spike in international market price of petroleum products. This has been mitigated by NNPC’s long-term procurement contract plan that guarantees stable pricing.”
The corporation promised to sustain the tempo of petroleum products supply throughout the ember months and beyond across the country at the current rate of N145 per litre.
The NNPC added that it had resolved all issues that had to do with foreign exchange stability in order to ensure fuel price stability and distribution.
“Nigerians should not engage in panic buying, as there is no cause for alarm with respect to pump price increase or shortage of products,” it said.