Petrol Price Hike Only After Negotiation With Labour — NNPC

The Nigerian National Petroleum Corporation on Friday said it would maintain its current ex-depot price of Premium Motor Spirit otherwise called petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.

NNPC had maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of about N120bn monthly.

The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, told journalists in Abuja that at the moment, NNPC was bearing the burden of importing refined petroleum products.

This, he said, was because the oil firm was the supplier of last resort with the task of guaranteeing energy security for the nation.

Shedding more light on the recent interview by the Group Managing Director, Mele Kyari, at the State House, Obateru said NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.

He said this was despite the fact that the corporation was bearing the burden of price differentials between the landing cost and pump price of petrol.

“NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times,” Obateru said.

He advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.
He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring products availability in Nigeria.

The NNPC spokesperson assured marketers and all other stakeholders in the downstream sector of the oil firm’s sustainable collaboration for the interest of the general public.