NNPC Denies Planned Hike In Fuel Price

The Nigerian National Petroleum Corporation (NNPC) has said that there are no plans to increase the price of petroleum in the country.

NNPC Group General Manger, Group Public Affairs Division Ndu Ughamadu, noted that in spite of the hike in landing cost, the firm will not increase the price.

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Ughamadu told The Nation that the “NNPC is yet to give Nigerians the new landing cost of fuel as it is not within its responsibilities to do so.

“The responsibility of letting the country know what the new landing cost of fuel lies with the Petroleum Products Pricing Regulatory Agency (PPPRA) and being a Federal Government owned- parastatal like NNPC, NNPC cannot exercise control over what the PPPRA does or is expected to do in the Nigeria’s oil and gas industry.

“The global oil industry moves or operates in line with the market forces. Once there is rise in the global price of crude oil, related activities move in similar direction. That is why the increase in the price of crude and its attendant rise in the price of brining the product to Nigeria do not bother us (Nigeria) much.

“Traditionally, refiners of crude abroad ten to increase the cost of processing crude oil into finished products like Premium Motor Spirit, Kerosene and Diesel, when the price of crude rises at the global market.”

In addition, he said the price of crude was below $50 per barrel in the first quarter, stressing that the price of crude is $81 per barrel.

The landing cost as at last December 22 was N171.4 per litre when the price of crude was $64 per barrel. At over $80 per barrel, the landing cost would be well above N180.