November 27, 2021

No Plan To Increase Fuel Price, FG Assures Nigerians

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Ibe-Kachikwu-NNPC

The Nigerian National Petroleum Corporation (NNPC) have assured Nigerians there were no immediate plans to increase fuel prices.

The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, gave the assurance on Monday after meeting behind closed-doors with President Muhammadu Buhari.

This was exactly 48 hours after the former Group Managing Directors of NNPC, called for an upward review of the price of Premium Motor Spirit.

Kachikwu and Baru, in separate with the newsmen denied that there were plans to hike the fuel price from its current N145 rate per litre.

The GMD when asked whether there were plans to further increase the fuel price, Baru responded: “There is nothing like that! Go to the Petroleum Products Pricing and Regulatory Agency (PPPRA‎).”

The Minister also stated: “There is no more to that effect”.

Kachikwu specifically disclosed that there was no memo before the Federal Government seeking a review of the fuel price.

Former Group Managing Directors of the NNPC had, at the weekend, advocated an upward review of fuel price, arguing that the current price did not reflect the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

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