NNPC says lobby to increase petrol price will fail, assures of 1.3bn litres stockpile

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The Nigerian National Petroleum Corporation, NNPC, has advised Nigerians against engaging in any panic buying of petroleum products, stating that the federal government will resist the current lobby to increase the pump price of the premium motor spirit, PMS, better known as petrol.

The corporation’s spokesman, Mr. Ndu Ughamadu, issued a statement late Wednesday which dismissed the report of a likely increase in the price of the products.

He disclosed that the NNPC had a 1.3billion litres stockpile of petrol, which would be sufficient to serve the nation for more than 38 days.

The statement reads, “This plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre.

“NNPC wishes to assure Nigerians that there is no iota of truth in the rumour that government is scheduled to adjust pump price of petrol.

“Indeed, with the resumption of production by the Corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of petrol, aviation fuel, diesel and kerosene.”

Ughamadu said NNPC’s chief operating officer of the refineries, Anibor Kragha, explained the state of refineries to lawmakers when he appeared before the senate on Wednesday.

“Mr. Anibor Kragha briefed the senate committee on petroleum downstream in a presentation on the current status of the refineries at the National Assembly Complex in Abuja.

“In the presentation, Kragha told the legislators that the nation’s three refineries produced additional volumes of 4.6 million litres of kerosene and 7.7 million litres of diesel, in addition to millions of litres of petrol being refined daily at the nation’s refineries.

“The assurances of availability of stock by the NNPC Chief Operation Officer of the Refineries yesterday still stand,” he said.

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