Tuesday, 13 October 2015

NNPC Denies Reports On Fuel Pump Price Reduction

Following speculation in the social media on Monday on reduction of pump price of petrol to N57 per litre, the Nigerian National Petroleum Corporation (NNPC) has insisted that the price remains at government regulated N87 per litre.

The corporation in a statement in Abuja described the purported reduction as false and advised "members of the public to ignore such tales", noting that the price of petrol remains N87 per litre, not N57/litre as reported. 

Meanwhile, the corporation also disclosed that plans to have a hitch free distribution of petrol during December festive season have begun with a with a meeting between its Group Managing Director, Dr. Ibe Kachikwu and members of the Major Oil Marketers Association of Nigeria (MOMAN) alongside the Depot and Petroleum Products Marketers Association (DAPPMA).
NNPC said at the end of the session, it reached a consensus with key downstream operators to work together to eliminate all obstacles that could hamper the free flow of petroleum products across the country.

Addressing the downstream stakeholders, Kachikwu stated that the issue of uninterrupted supply and distribution of petroleum products across the country is of utmost importance to the present administration noting that government is willing to do everything possible to ensure that members of the public do not go through any form of hardship in accessing petroleum products particularly PMS.

On the protracted subject of outstanding payment to oil marketers, Kachikwu promised to work with other relevant Federal Government agencies to fast track the payment of the outstanding numbers, promising in the interim to arrange for a meeting with the relevant creditors (bankers) to ease off pressure on marketers and extend the credit lines.

He noted that several financing mechanism are being explored to offset the commitment to oil marketers including the possibility of exploring the monthly payment option.

He said: "In future we may explore some creative means to prevent backlogs".

Speaking on behalf of MOMAN, Femi Olawore, and Secretary General of the major marketers commended the GMD for his support and pledged the readiness of the marketers to work assiduously with the Federal Government in ensuring zero fuel scarcity across the nation in the fourth coming yuletide and even beyond. 
Olawore called on Dr. Kachikwu to facilitate the institution of a special committee to verify and authenticate the current national PMS consumption figure of 40 million litres per day. 

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