No Petrol Price Hike, Supply Steady – NNPC

petrol
  • No Petrol Price Hike, Supply Steady – NNPC

The Nigerian National Petroleum Corporation on Thursday said it had not increased the ex-depot price of Premium Motor Spirit, popularly known as petrol.

It also stated that there was enough product to keep the country wet till the end of this year and beyond.

The NNPC stated this following threats by the Lagos chapter of the Independent Petroleum Marketers Association of Nigeria to withdraw its services in Lagos and its environs over alleged discrepancies in the ex-depot price of petrol, among others.

In a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, the corporation said the Ejigbo Satellite Depot was fully stocked and carrying out regular loading services.

It stated that the Ejigbo depot had consistently dispensed petrol at the approved price of N133.28 per litre, contrary to allegations that it was being sold at a higher price.

The NNPC said there was enough petroleum products in the country to last till the end of the year and that 25 vessels laden with petroleum products were also being expected to berth between now and January 2018 to further boost supplies.

The corporation urged members of the public not to entertain any fear or engage in panic buying of petroleum products as there was enough to keep the country well supplied.

It stated that the appropriate government agencies had been contacted to settle the rift between IPMAN and the Depot and Petroleum Products Marketers Association.

Meanwhile, former President Olusegun Obasanjo on Thursday lauded the management of the NNPC for the newly constructed ultra-mega station in Sagamu, Ogun State.

Obasanjo, who was represented by Chief Idowu Akanle at the inauguration of the facility, described the successful execution of the project as part of the strategies to ensure energy security in the country.

“Besides ensuring that Nigerians enjoy adequate supply of petroleum products close to their homes and at affordable prices, this initiative is also a means of creating jobs and boosting the economy to ensure that the lives of many Nigerians are touched in many positive ways,” he stated.

The ex-President said the Lagos-Ibadan Expressway, a major gateway between Lagos and other parts of the country, had continued to record increased vehicular traffic due to the improved condition of the road and the nation’s reinvigorated economy.

He said the station would ensure that thousands of motorists plying the road would enjoy year-round fuel supply.

The Group Managing Director, NNPC, Dr. Maikanti Baru, described Ogun as the only state with two mega stations.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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