FG has no plan to hike fuel price -NNPC

The Nigerian National Petroleum Corporation (NNPC) Tuesday refuted claims that the Federal Government plans to increase petrol price from the N145 per litre ceiling. The Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, informed  reporters in Abuja that there was a robust arrangement to guarantee fuel supply for a long time.

Garba  who responding to earlier report by a senior staff of the corporation to the effect that current price was nos not sustainable,  said: “I have read the reports but the statement was made in the context of   technical and logistics issues.”

According to him, “the bottom line regardless of what they (reports) are saying is that there is no plan whatsoever by government to increase fuel price above the N145 margin.

See also  Why pharmaceutical multinationals left Nigeria - PMG-MAN

“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 and there is no need to do that.”

He continued,: “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 will last throughout the ember months period.”

The  NNPC spokesman explained that in the last two weeks, the corporation has opened a new window for marketers to import products following earlier complaints of their inability to access the foreign exchange which has been their major constrain.

See also  Nigeria’s inflation rate surges to 34.19 % amid rising food cost

He said: “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.”