No plan to increase petrol pump price – NNPC GMD

CONTRARY to speculation, the Federal Government has no immediate plan to increase the pump price of petrol in the country.
This is according to the Group Managing Director Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Maikanti Baru.
He said in a chat with State House correspondents after a meeting with President Muhammadu Buhari in Abuja on Tuesday that he has not been directed to increase the price.
He observed that the last increase in the pump price of petroleum was done upon the recommendation of the regulatory body based on the prevailing exchange rate.
Baru who recently took over the GMD post from the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the request for forex for gasoline imports has so far been met and the corporation has maintained a robust supply of the product.
He said: “I have not been directed to increase pump price. Even the other price was based on recommendation from the regulatory body.
“I’m not aware that they are planning to do any increase. You know there are several factors that necessitated that, especially the issue of exchange rate that has moved and we don’t expect any serious changes.
“So far, the request for forex for importation of gasoline popularly called petrol has been met and our own supply situation is robust. We are meeting demands.
“We have over 1.4 billion litres on ground. So, I don’t see any basis for increase however.
“The review could be done by the right body. You should contact PPPRA. That is the regulatory body as far as petrol pricing is concern.”