NNPC boss rules out increment in petrol pump price.

NNPC Group Managing Director, Maikanti Baru, has ruled out the possibility of any increment in petrol pump price. Baru said this today to State house correspondents while reacting to media reports that oil marketers may soon increase pump price of petrol due to the scarcity of Dollar and high exchange rates. According to Baru, he has not gotten any presidential directive to increase the pump price of petrol.

“I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body. I’m not aware that they are planing to do any increase, you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.  

So far, the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust. We are meeting demands. We have over 1.4 billion liters on ground. So I don’t see any basis for increase. However, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concern” he said