The Nigerian
National Petroleum Corporation, NNPC, on Tuesday, October 25, 2016
denied any plan to further hike the price of premium motor spirit, PMS,
also known as petrol, stating that current realities on ground would not
support any price hike.
Addressing journalists in Abuja, Garba
Deen Muhammad, the director of public affairs, said there was absolutely
no plan, whatsoever, by the federal government or the NNPC to increase
fuel price above the N145 maximum level.
According to Muhammad, if there is going
to be anything like a price hike, the agency responsible for fixing the
price of petrol, the Petroleum Products Pricing Regulatory Agency,
PPPRA, would definitely sensitise Nigerians on it and give reasons for
the hike.
“As for this moment, there is absolutely
no plan to do that and no need to that, because we have more than
enough supply, we have very robust stock of product in our custody. In
addition to that, we also have long term procurement contract with our
suppliers,” Muhammad said.
“The usual reason that would necessitate
a review of price at the moment has been taken care of. We have long
term procurement contract with our suppliers; we have more than enough
supply to last us throughout the ember months and beyond.
“The statement people are referring to
was made within the context of technical explanation, not within the
context of downstream operations.”
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