Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has dismissed reports that the corporation will soon announce an increase on the pump price of Premium Motor Spirit (PMS).
Social media reports speculated that due to current foreign exchange rates, the NNPC had concluded plans to increase the pump price of the PMS from N145 per liter to between N170 to N200.
Baru, however, denied any knowledge of the price increase, saying that there was no directive to that effect.
He stated that importers of the commodity have no moral justification to increase the price as their forex demands for importation of gasoline had been met, and supply of the fuel was robust.
“I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body.
“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.
“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust, we are meeting demands.’’
The GMD, however, revealed that the Petroleum Products Pricing Regulatory Agency (PPPRA) could review the prices of petroleum products when necessary.
He said that the NNPC currently had in stock over 1.4billion litres of PMS for sale to the public at government controlled price of N145 per litre.
“We have over 1.4 billion liters on ground.
“So, I don’t see any basis for increase however, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concern,’’ he added
The NNPC on May 11 increased the pump price of PMS from N86.5 to N145.