Business Hilights

Tracking Nigeria's Headline Business News Online


No plan whatsoever to hike fuel price, NNPC tells Nigerians

Ad 2
Ad 3

The Nigerian National Petroleum Corporation (NNPC) has doused the lingering fears of fuel scarcity stemming from the propagandas of petroleum marketers’ who had been warning of scarcity over pressure from banks.

The fuel marketers say they have been owed over N660bn being arrears of subsidy payments from the federal government since few years ago to date.

But in a reaction vide a statement, the NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu said the country had enough products to serve for a long period.

The statement read in parts: “The Corporation has 1.3 billion litres stock of PMS, otherwise called petrol, which is sufficient to serve the nation for more than 38 days.

“This plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre.

‎”NNPC wishes to assure Nigerians that there is no iota of truth in the rumour that government is scheduled to adjust pump price of petrol.

“Indeed, with the resumption of production by the Corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of petrol‎, diesel and kerosene.”

NNPC further recalled that his point was explained on Tuesday NNPC Chief Operating Officer, Refineries, Mr. Anibor Kragha while briefing the Senate Committee on Petroleum Downstream in a presentation on the current status of the refineries at the National Assembly in Abuja.

“In the presentation, Kragha told the legislators that the nation’s three refineries produced additional volumes of 4.6 million litres of kerosene and 7.7 million litres of diesel.

“This is in addition to millions of litres of petrol being refined daily at the nation’s refineries.

The assurances of availability of stock by the NNPC Chief Operation Officer of the Refineries yesterday still stands.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.