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NNPC debunks report of fuel price hike

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The Nigerian National Petroleum Corporation (NNPC) says there is no plan to increase fuel price from February.

It should be noted that speculations has been high for some days that  petroleum products may go up next month as many filling stations sell petrol above the official N162 per litre.

Reacting to the speculations, Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, told The Nation on phone there was no imminent upward review of the petrol price.

He said: “NNPC has not increased its ex-depot price. I am certain that NNPC is not likely to increase its ex-depot price in February”.

He noted that NPC has a stock of petrol that can last  Nigeria over 40 days, debunking fears of scarcity of the product.

He urged the Department of Petroleum Resources (DPR) to clampdown on the marketers hoarding petrol.

“We have sufficiency for almost forty something days. If people are hoarding or increasing their prices that one is for the DPR to look into,” he said