Unic Press UK: The Nigerian National Petroleum Corporation, NNPC has no immediate plans to increase the price of premium motor spirit.
NNPC chief operating officer in-charge of downstream operations, Henry Ikem Obih, reiterated that neither the government nor any of its agencies is considering an upward review of the pump price of petrol above the current rate of N145 per litre, even though the corporation had recently increased the bridging allowance to transporters from N6.20 to N7.20 per litre. He said:
“What happened, in simple language, is a re-balancing of the margins allowed and approved for stakeholders. So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance. That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre.” (NNPC/Obih: 5 April 2017)
NNPC group managing director, Maikanti Baru, announced the upward review of the bridging allowance from N6.20 to N7.20 per litre on Monday, when he mediated over the tensions between the Petroleum Tankers Drivers (PTD) arm of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Nigerian Association of Road Transport Owners (NARTO).
Product availability
“There is absolutely no risk of shortage in supply as we also continue to import to support the production from the refineries, we have informed the Department of Petroleum Resources, DPR, to enforce the prevailing N145 per litre price regime and also ensure that every service station that has fuel is selling to the public,’’ said Obih.
