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NNPC denies plan to increase fuel price

27 October 2016, 06:31

Abuja - The Nigerian National Petroleum Corporation, NNPC, on Tuesday denied any plan to further hike the price of Premium Motor Spirit, PMS, also known as petrol, Vanguard reports.

Group General Manager, Group Public Affairs Division of the NNPC, Muhammad Garba-Deen, said this while addressing newsmen in Abuja.

He said there was absolutely no plan by the Federal Government or the NNPC to increase fuel price above the N145 maximum level.

According to him, if there is going to be anything like a price hike, the agency responsible for fixing the price of petrol, the Petroleum Products Pricing Regulatory Agency, PPPRA, will definitely sensitise Nigerians on it and give reasons for the hike.

He disclosed that at present, there was no subsidy on petrol, adding that the long term contracts entered into by the NNPC with buyers and suppliers of petroleum products had addressed the issue of foreign exchange volatility.

This is in contrast to the statement by the Independent Petroleum Marketers Association of Nigeria, IPMAN.

It warned the speculated increase in fuel price is imminent according to News24.

This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May. But, other operators have argued that the price of petrol is driven by laws of economies, which cannot be altered for a long time, and as such is expected to increase giving the current challenges of FOREX and others.

- News 24

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