Home Business We know nothing about fuel price increase – NNPC

We know nothing about fuel price increase – NNPC

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The Nigerian National Petroleum Company (NNPC) Limited has said that it has no hand in the decision of oil marketers to increase petrol pump price.

Reports on Monday evening claimed that NNPC issued a notice to oil marketers, approving an upward review in the pump price from N165 per litre to N179 per litre as well as the ex-depot price from N148.17 to N167 per litre.

But NNPC Limited clarified on Tuesday that it did not direct marketers or review the ex-depot price and pump price of Premium Motor Spirit (PMS), well known as petrol.

Although the Federal Government had insisted that the pump price of petrol remain N165 a litre, oil marketers said it is “not sustainable”.

Many filling stations had adjusted their pump prices.

But NNPC spokesman, Mallam Garba Deen Muhammad, told TheCable that the oil firm does not function as a regulator and consequently does not set prices for petrol. He added that the company had no idea about the issue — as it did not emanate from it.

He said: “he NNPC no longer approves pump price review. That is the work of the midstream and downstream authority. I have no idea. They are the ones that tell you what price regime the government has approved, not NNPC. NNPC has already exited all that situation. We are operating just like MTN now”.

An oil marketer said the claims in the circulated message were “false” and “mischievous” as nothing of such happened between the government and marketers.

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