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FG rules out fuel price hike for now

SUNDAY ODE, Abuja
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Maikanti Baru on Tuesday said that he had no directive to increase prices of petroleum products.

Fielding questions from State House correspondents after a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja, the NNPC boss stated that the nation still had robust supply of the premium motor spirit (PMS) in spite of the dwindling fortunes of the naira at the forex market.  
He declared pointedly that there was no basis to contemplate any increase in the first place. Petroleum products marketers were quoted to have said in a news report that fuel price increase was likely, citing the crash of the naira as reason.
However, Baru said: “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. 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.”

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