NNPC debunks plans to increase Petrol price

The Nigerian National Petroleum Corporation (NNPC) on Tuesday distances itself from the news making rounds that the corporation will increase the official pump price of Premium Motor Spirit (PMS), otherwise known as petrol, from N162 in July.

Group Managing Director (GMD) of NNPC, Malam Mele Kyari who made this known during a programme on Channels Television said that NNPC does not have a plan to increase the pump price anytime soon.

Kyari, however, noted that engagements were still ongoing with the Organised Labour to arrive at the appropriate price of the petroleum product, stating that until both parties arrive at a conclusion, the current price remains.

Speaking further, he added that President Muhammadu Buhari instructed the corporation not to make petrol price out of reach of Nigerians, “especially at this moment”.

He said, “What this means, however, is that we are taking out cash that could have been used for other things to pay under-recovery.”

He revealed that Dangote refinery being constructed in Lagos State would commence operation this year.