The federal
government has denied reports of an imminent increase in pump price of fuel.
There had been
speculations of a fresh raise, two months after the government increased the
price of petrol from N86.50 to N145 a litre. Reports said the government was
considering new rates as Nigeria’s foreign exchange crisis continues to hamper
importation of products.
But speaking to
journalists on Tuesday after a meeting with President Muhammadu Buhari, the
Group Managing Director of the Nigerian National Petroleum Corporation,
Maikanti Baru, said the government had no such plans.
“I have not been
directed to increase pump price, even the other price was based on
recommendation from the regulated body,” he said.
“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 liters 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.”
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