No plan to increase price of petrol – NNPC

Chuks Isiwu 05 April 2017, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, said in a statement Tuesday that the Federal Government had no plan to effect an increase in the price of the Premium Motor Spirit, PMS – more popularly known as petrol.

It was reacting to insinuations that Monday’s increase in the bridging allowance to transporters from  N6.20 to  N7.20 was made by the government in preparation for an increase in the pump price of petroleum products

The National Union of Petroleum and Natural Gas Workers, NUPENG, had, in announcing the call off of the strike by its tanker drivers’ arm also on Monday, made reference to government’s plan to hike fuel prices, saying it would stoutly resist any such attempt.

But, NNPC, in the statement signed by its Group General Manager, Public Affairs, Mr. Ndu Ughammadu, stated that instead of increaseing the pump price, the N1.0 increase in transporters’ allowance by government would be absorbed in the existing pricing template to maintain existing pump price ceiling.

“NNPC wishes to assure consumers of Premium Motor Spirit, PMS, otherwise known as petrol that the review of bridging cost would not lead to increase in the price of the white product.

“The review of the bridging allowance which enjoyed the blessing of the Honourable Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, would be absorbed in the existing products import template,” the statement read.

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