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News

NNPC Dismisses Purported Plan to Increase Petrol Pump Price

Farouk Mohammed
By Farouk Mohammed
Published: November 7, 2016
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Nigerian National Petroleum Corporation has said it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.

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NNPCNigerian National Petroleum Corporation has said it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.

 

In a press statement on Monday, NNPC stated that the price adjustment in its downstream facilities from N141 to N145 per litre is still within the price band of N135 and N145 per litre approved on May 11, 2016, by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.

 

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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.

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

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It advised journalists to always cross check their facts before going to press.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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