Petrol price remains N87 per litre – NNPC

The Nigerian National Petroleum Corporation (NNPC) has debunked reports in some social media of a purported reduction in current pump price of petrol from N87 per litre to N57.

The Corporation, in a statement yesterday, described the report as false and advised members of the public to ignore such “tales”.

Meanwhile, the Group Managing Director of the NNPC, Dr. Ibe Kachikwu, has met with members of the Major Oil Marketers Association of Nigeria, MOMAN, alongside the Depot and Petroleum Products Association (DAPPMA) at the NNPC Towers, Abuja.

The meeting was aimed at strategising towards ensuring zero fuel queues throughout the country ahead of the forthcoming yuletide.

At the end of the session, the NNPC and the key downstream operators reached a consensus to work together to eliminate all obstacles that could hamper the free flow of petroleum products across the country.

Addressing the downstream stakeholders, Dr. Kachikwu said that the issue of uninterrupted supply and distribution of petroleum products across the country was of utmost importance to the present administration. He expressed government’s resolve 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, Dr. 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 pressure on marketers and extend the credit lines.

He noted that several financing mechanisms are being explored to offset the commitment to oil marketers. Hinting at the possibility of exploring the monthly payment option, Dr. Kachikwu said “In future, we may explore some creative means to prevent backlogs.”

Femi Olawore, 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 forth coming yuletide and even beyond.

Mr. 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.