Pump price remains at N162 per litre until talks with organized labour and other stakeholders are concluded, NNPC

The Nigerian National Petroleum Corporation (NNPC), has assured Nigerians that it will not increase the pump price of Premium Motor Spirit (PMS), better known as petrol, until the Federal Government and the organised labour (NLC and TUC) comes to a conclusion.

This was revealed in a statement on Friday by Kennie Obateru the Group General Manager, Group Public Affairs Division of NNPC.

Obateru’s statement comes after Mele Kyari, the General Managing Director (GMD) of NNPC stated that the corporation can no longer bear the cost of subsidy for Nigerians.

Kyari had also added that the market price of petrol needs to be implemented.

He also disclosed that the NNPC pays between N100 to120 billion every month to keep the pump price at the current levels.

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In the statement, Obateru said although the NNPC currently bears the burden of petrol subsidy, current price will be maintained at N162 per litre until ongoing engagement with the organized labour and other stakeholders are concluded.

He said the NNPC has no intention to pre-empt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.

Obateru said the NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times.

He urged petroleum products marketers to desist from arbitrary price increase or hoarding of petrol.

The NNPC spokesman also warned against panic buying, stressing that NNPC is committed to ensuring energy security.

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