NNPC GMD: No Plan to Increase Fuel Price

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Tobi Soniyi in Abuja

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said there is no plan to increase the price of petrol.

Baru, who reluctantly answered only one question from  the State House correspondents after he met with President Muhammadu Buhari at the State House in Abuja,  said: “I have not been directed to increase the pump price, even the other price was based on recommendation from the regulatory body.

“I’m not aware that they are planning 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 petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion litres on ground. So I don’t see any basis for increase.

“However, the review could be done by the right body, you should contact Petroleum Products Pricing Regulatory Agency (PPPRA), that is the regulatory body as far as petrol pricing is concerned.”