NNPC: no plan to raise the price of the pump

Oil tankers strike will not cause gas shortages - NNPC

There are not any plans to boost the value of the pump, the Nigerian Nationwide Petroleum Company (NNPC) stated on Tuesday.

The Group’s Common Supervisor, the Group’s Public Affairs Division, Dr. Kennie Obateru, dismissed rumors about an impending gasoline worth evaluate.

He advised The Nation: “NNPC has not elevated its ex-deposit worth. I’m certain the NNPC is unlikely to extend its ex-deposit worth in February. “

Based on him, NNPC has a gasoline provide that may final greater than 40 days. He calmed fears in regards to the shortage of the product.

Obateru requested the Division of Petroleum Sources (DPR) to crack down on retailers who accumulate gasoline.

“Now we have sufficient for nearly 40 days. If persons are accumulating or rising their costs, it’s as much as the DPR to seek out out, ”he stated.

The Unbiased Petroleum Merchants Affiliation of Nigeria (IPMAN) urged the Federal Authorities to return the subsidy to Premium Motor Spirit (PMS) as the price of touchdown elevated to N180 per liter.

IPMAN’s nationwide vice chairman, Alhaji Abubakar Maiganidi, advised The Nation that the federal government ought to both decontrol the product fully or subsidize it.

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Maigandi was responding to the most recent gas shortages in Lagos.

Requested if there was an upward revision of the value on the pump, he stated: “Most non-public deposits are promoting gasoline between N160 and N164 per liter as a substitute of N148 per liter.”

Nigeria’s Prime Petroleum Merchants (MOMAN) denied that there was a rise within the worth of gasoline on the pump.

He puzzled if any gas merchants have been acquiring provides from sources apart from the NNPC

MOMAN President Tunji Oyebanji stated that none of its members raised the value of gas, including that each one merchants at the moment purchase NNPC merchandise.

He stated that because the Federal Authorities claimed that it had deregulated the downstream oil sector, merchants are free to promote at any worth that displays their working value.

He stated that if the unilateral enhance in gas costs had come from a few of its members, the federal government would have wielded the baton.

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Oyebanji stated that the Federal Authorities needs to decontrol the downstream oil sector, including that, if that had occurred, the value would have gone up astronomically.

He stated the federal government is in session with Labor to forestall a pointy rise within the costs of oil merchandise.

Shoppers resorted to panic shopping for of oil merchandise in some states, leading to gas strains alongside some routes within the metropolis of Lagos.

Many fuel stations have adjusted their costs on the gas pump from N162.50ok to N165 per liter, whereas others have reached N170.00 per liter.

Some fuel stations have closed their shops fully.

In Ado Ekiti, the capital of the state of Ekiti, the strains that returned to fuel stations over the weekend narrowed yesterday.

On the First Blessing fuel station alongside Satellite tv for pc Campus Highway, Federal Polytechnic, Ado Ekiti, gasoline was bought at N175 per liter, whereas on the NNPC level of sale alongside the favored Financial institution Highway within the metropolis, it was bought at N65 per liter.

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Within the Federal Capital Territory (FCT), the product was nonetheless being bought between N162 and N162.50 per liter, which continues to be inside the N160 and N165 vary outlined by the federal government when oil was traded barely above US $ 43 per barrel 4 months in the past.

The West Texas Intermediate (WTI) for March traded above $ 60 yesterday, whereas the April Brent contract on the Intercontinental Trade closed at $ 63. Each crude oil benchmarks have added greater than 12 % in worth for the reason that early February.

Maigandi stated the existence of various costs is a sign of a deficit, which merchants are asking the federal government to subsidize.

“The Federal Authorities ought to deliver again the subsidy or fully decontrol the gasoline market, because the touchdown value is N180 / liter”.

Requested why merchants usually are not sponsoring NNPC deposits the place the value continues to be official, he stated: “You can’t get the proceeds from NNPC deposits. NNPC deposits will ask you to queue on the deposit. “

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