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Wednesday, February 28, 2024

NNPC to Maintain Ex-Depot Price of PMS until Conclusion of Engagement with Labour

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The Nigerian National Petroleum Corporation (NNPC) has said it would maintain its current ex-depot price of Premium Motor Spirit (petrol) until the conclusion of ongoing engagement with the organized labour and other stakeholders.

Addressing newsmen in Abuja, the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the Corporation, at the moment, was bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation.

Shedding more light on the recent interview by the Group Managing Director, Mallam Mele Kyari, at the State House, Dr. Obateru stated that the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even though the Corporation is bearing the burden of price differentials between the landing cost and pump price of petrol.

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He said as a proactive organization, 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.

Dr. Obateru advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.

He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.

He assured marketers and all other relevant stakeholders in the downstream sector of sustainable collaboration for the public interest.

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