NNPC stations increase fuel pump price

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It was gathered that the Nigerian National Petroleum Corporation (NNPC) has jerked up pump price of petrol at its retail outlets.

NNPC

Petrol was hitherto sold to the public at N141 at NNPC mega stations and the company’s affiliates across Nigeria.

It would be recalled that the federal government fixed petroleum at maximum price of N145 in May.

The NNPC, however, dispensed at N141, saying it was in line with making the product affordable.

But since Tuesday November 1, NNPC mega stations started selling at N145.

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The increment was noticed in some parts of Kano, Abuja, Lagos and Ogun states.

Reacting, NNPC Group General Manager, Group Public Affairs, Garba Deen Muhammad said there was no rule that compels any marketer including the NNPC to sell at a particular price.

“A price regime was introduced between N135 and N145. So, you can sell anywhere within that range. What you are seeing is interplay of market forces,” he said.

NNPC recently moved to douse tension on alleged plan to increase fuel price.

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Group Managing Director, Crude Oil Marketing of the corporation, Mele Kyari, had earlier stated that the sale of petrol at N145 per litre was no longer feasible with the current foreign exchange.

The corporation’s spokesman, Garba-Deen Muhammad, swiftly issued a rejoinder, assuring that no increment was being considered.

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