NNPC Reveals Fuel Price Increase Not On The Cards

NNPC Reveals Fuel Price Increase Not On The Cards

NNPC Reveals Fuel Price Increase Not On The Cards

Dr. Baru, who was expected to receive the Forbes Oil & Gas Man of the Year Award 2017 in London on Tuesday, flew back home to attend to what he described as a "matter of urgent national importance".

NIGERIANS have commenced panic buying as marketers began rationing of petroleum products. "We have said times without number that NNPC has sufficient products to cater for the needs of all consumers".

The Federal Executive Council (FEC) has given marching orders to the minister of state petroleum resources, Ibe Kachikwu and Group Managing Director, Nigerian National Petroleum Corporation ( NNPC) Maikanti Baru to end fuel scarcity this weekend.

He also enjoined motorists not to engage in panic buying or indulge in the risky practice of stocking petroleum products in jerry cans at home.

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The Senate Committee on Petroleum Downstream, has concluded plans to commence inspection of filling stations nationwide, over recent fears of fuel scarcity in the country.

He assured the public of enough stock to ensure seamless supply and distribution across the country.

Most petrol stations nationwide are now besieged with queues, some are either shut down while those opened are flooded with inevitable queues. Some of the filling stations belonging to members of IPMAN have increased the price of a litre of petrol from N145 to N150.

Ughamadu said the ex-depot petrol price and pump price will remain the same.

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This, he said, is to avoid the situation where some unpatriotic persons would cause unnecessary hardships for Nigerians in the festive season.

"The recommended ex-depot price is supposed to be N133.30 per litre, but they are selling at N138 to N143 per litre".

Marafa however noted that the NNPC already issued statements informing that there is no need for panic buying.

Chairman, IPMAN Ejigbo depot branch, Ayo Alanamu, also chided the NNPC, adding that "its officials were collaborating with the private depot owners to create artificial scarcity".

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An Independent Marketer, Benjamin Omale, told reporters on Tuesday that they were not getting enough products from the PPMC and Private tank farms in Lagos, coupled with the fact the Kaduna refinery where they normally load their products from have been shut down for quite some time.

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