The Nigerian National Petroleum Corporation, NNPC, yesterday, denied any plan to further hike price of Premium Motor Spirit, PMS, also known as petrol, stating that current realities on ground didn't support any increase.
Addressing newsmen in Abuja, Group General Manager, Group Public Affairs Division of the NNPC, Mr. Muhammad Garba-Deen, said there was absolutely no plan by the Federal Government or the NNPC to increase fuel price above the N145 maximum level.
According to him, if there is going to be anything like a price hike, the agency responsible for fixing the price of petrol, the Petroleum Product Pricing Regulatory Agency, PPPRA, will definitely sensitizes Nigerians on it and give reasons for the hike.
He disclosed present, there was no subsidy on petrol, adding that the long term contracts entered into buyers and suppliers of petroleum product had addressed the issue of foreign exchange volatility.
He said: "As per this moment, there is absolutely no plan to do that and no need to do that, because we have more than enough supply; we have very robust stock of product in our custody. In addition to that, we also have long term procurement contract with our suppliers.
"The usual reason that would necessitate a review of price at the moment had been taken care of. We have long term procurement contract with our suppliers; we have more that enough supply to last us through the context of downstream explanation, not within the context of downstream operations.
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