- As Buhari holds separate meetings with Kachikwu, Baru
Tobi Soniyi in Abuja
Managing Director of the National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has said there was no plan to increase fuel price.
He spoke after President Muhammadu Buhari on Monday met separately behind closed doors with him and the Minister of State for Petroleum Resources, Ibe Kachikwu in the Presidential Villa.
The president first met with the NNPC GMD and later with the minister of state for petroleum.
The meeting came 48 hours after former GMDs of the Corporation called for an upward review of the price of Premium Motor Spirit (PMS), also known as petrol, saying the current price of N145 per litre was not in line with current economic realities.
The former GMDs reached this decision at a one-day meeting called by Baru, where they argued that the current price cap of N145 per litre was not in line with the liberalization policy, especially with the foreign exchange rate and other price-determining components such as crude cost, Nigerian Ports Authority (NPA) charges, among others, remaining uncapped.
Others who attended the weekend meeting where possible fuel hike was discussed include the representative of immediate past GMD, Kachikwu, Senior Technical Assistant, Engr. Johnson Awoyomi; HRM (Dr.) Edmund Daukoru, Chief Odoliyi Lolomar, Dr. Thomas M. A. John, Engr. Lawrence Amu, Dr. Jackson Gaius-Obaseki, Engr. Funsho Kupolokun, Dr. Abubakar Lawal Yar’Adua and Dr. Joseph Thlama Dawha.
Oil marketers had on August 8th hinted that due to the continued scarcity of foreign exchange to finance the importation of PMS, the price may increase from the official price of N145.
When confronted on Monday with the question on whether there was a plan to jack up the price as he was leaving the president’s office, the GMD of NNPC denied that there were plans to increase fuel price.
He would however not give any detailed answers to questions from State House correspondents.
The NNPC GMD who refused to stop and take questions, advised reporters to ask the Petroleum Product Pricing and Regulatory Agency (PPPRA) for anything pertaining to fuel price increase.
When asked if fuel price hike was on the way, he replied, “There is nothing like that. Go to PPPRA.”
Kachikwu would also not answer questions when he emerged a few minutes after 4p.m. He advised reporters to direct the questions to Baru.
When pressed further on possible fuel hike, he said, “There is no memo to that effect”.
The Federal Government liberalised the downstream sector of the petroleum industry on May 11, 2016, and announced an increase in the pump prices of petrol from N86 and N86.5 per litre to between N135 and N145 per litre.
It had also stated that the market was to be driven by the factors of demand and supply, as it was now largely in the hands of private sector players.
