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HomeCapital MarketNNPC Denies Issuing Order For Petrol Price Increase In Nigeria

NNPC Denies Issuing Order For Petrol Price Increase In Nigeria

The Nigerian National Petroleum Company (NNPC) Limited says it didn’t give any instruction for marketers to increase the pump price of petrol in the country.

The NNPC spokesperson, Garba Deen Muhammad gave the denial on Tuesday after earlier reports claimed the company had quietly approved the increase in the pump price of petrol across the country.

It was reported that the increase in the price of Premium Motor Spirit, popularly known as petrol from N165 per litre to N179 per litre has been approved by the NNPC.

The new price approved by NNPC is expected to take effect today across the country according to the report as it directs fuel marketers to change the petrol price on pumps.

However, when contacted about the development, the NNPC’s spokesperson, said the national oil firm does not set prices for petrol nor did the directive emanate from it.

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“The NNPC no longer approves pump price review. That is the work of the midstream and downstream authority,” he told The Cable.

“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.”

Attempts to reach the spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Apollo Kimchi on the matter were not successful.

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