No petrol price increase in May, NNPC assures Nigerians

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The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has assured Nigerians that there would be no increase in the ex-depot price of Premium Motor Spirit, better known as petrol, in May.

NNPC has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.

Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.

Kyari gave the assurance to allay the fear of Nigerians who have been anticipating an increase in the pump price of petroleum following his declaration last month that the company cannot continue to bear the subsidy burden.

Last month, Kyari said NNPC had paid between N100-120 billion a month to keep the pump price at the current levels.

“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” Kyari had said.

With the development many Nigerians believed Kyari was hinting at a fuel hike.

But NNPC assured Nigerians that it would maintain the current ex-depot price for petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.

Reiterating its stance today, the NNPC said,
“Following GMD #NNPC Mallam @MKKyari’s intervention in the National Association of Road Transport Owners/Petroleum Tanker Drivers impasse, PTD has just announced the suspension of its planned strike until closure of discussion between both parties.

“Also, the GMD announced that there would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”

 

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