Fuel Subsidy: How PENGASSAN, IPMAN Reacted To IMF's Counsel To Nigeria |Nigeria News
Nigeria was late last year hit with fuel scarcity. Image: Guardian

The Nigerian National Petroleum Corporation (NNPC) has assured that there will not be a hike in the pump price of “fuel,” Concise News reports.

This online news medium understands that Minister of State, Petroleum, Ibe Kachikwu, has noted that there has been an increase in the landing cost of petroleum products.

Advertise With Us

However, a statement by the NNPC Group General Manager, Public Affairs,  Ndu Ughamadu, said that the corporation would continue to bear the cost of under-recovery of petrol through other sources.

“The Federal Government has made it clear; petrol will continue to sell at N145 per litre. NNPC is not operating subsidy,”Ughamadu told Punch.

“What we have done is under-recovery of which we make up from other sources.

“Yes, the under-recovery will continue. The corporation plays many roles in the country. We are an importer of the last resort where others refuse to import.

“We equally operate in a social regime to make sure that the system gets wet with products because if the corporation is not doing that as part of its responsibilities, you can imagine what the system will look like.”