SAN FRANCISCO, October 25, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) has declared that there is no plan to increase petrol price from the N145 per litre ceiling because there is no need for any increase.
This was disclosed in Abuja by Garba Deen Muhammad, NNPC Group General Manager, Group Public Affairs Division, revealing that there was a robust arrangement to guarantee fuel supply for a long time.
He insisted that the Federal Government had terminated petrol subsidy stressing that the corporation has sufficient stock of product in its custody with procurement contracts for supply of product beyond the ’ember months.
“I have read the reports but the statement was made in the context of technical and logistics issues.”
“The bottom line regardless of what they are saying is that there is no plan whatsoever by government to increase fuel price above the N145 margin.
“If there is going to be anything like that agency responsible for price review would definitely sensitize Nigerians and say this is why. But as at this moment there is no plan to do that and there is no need to do that.
“In addition to that, we have a long term procurement contracts with our suppliers. So the usual reasons that would have led to increase in price at the moment have been well taken care of. We have contracts with our suppliers that is to last throughout the ember months.
“There have been complaints and their complaints have been addressed to their satisfaction. A new window has been opened for them and in fact what is happening now is that we are waiting for them to deliver.
“A new window to make forex available for them has been opened and they are satisfied with it. We are waiting for them to deliver on their own promises.
“Like I said, what we have at the moment is a glut in the market. We have people who have even imported that are looking for people to buy their products. There is not even a hint of scarcity so what will generate it.”
Story by Oputah David.
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