Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

NNPC says no plans to increase pump price of petrol

Chike OlisahbyChike Olisah
2 years ago
in Energy, Spotlight
There is fuel in the country but it is in the wrong locations – Mele Kyari
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian oil giant, the Nigerian National Petroleum Corporation (NNPC) has assured organised labour and Nigerians that there is no plan to increase the price of Premium Motor Spirit (PMS) otherwise known as petrol in the month of February.

This follows the reported rumour of plans to increase the price of petrol due to the continuous increase in the global price of crude oil and the reported hoarding of the product by some depot owners and marketers.

The assurance was contained in a statement issued by the NNPC and signed by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Thursday in Abuja.

READ: Petrol may sell for N200 per litre as oil price hits almost $60 per barrel

Obateru in the statement said, “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February 2021.’’

Obateru in the statement explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

While giving assurances that the corporation had enough stockpile of petrol to keep the nation well supplied for about 40 days, he urged petroleum products marketers not to engage in the hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.

Obateru also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

READ: The race to net zero emissions and why Nigeria is not in it

What you should know

  • It can be recalled that the Minister of State for Petroleum Resources, Chief Timipre Sylva, had in March 2020 announced the deregulation of the downstream sector of the oil industry and the subsequent removal of the petrol subsidy.
  • He said that subsequently, the prices of petroleum products would be determined by prevailing market forces.
  • With the increase in the oil price to about $65 per barrel, oil marketers and other stakeholders have insisted that the current petrol price is not sustainable unless the Federal Government would return back to the subsidy regime, which has no provision in the 2021 budget.
  • The ex-depot price is the price at which oil marketers buy products from the depot and the price determines the price at which they sell to motorists at their various petrol stations.

PRESS RELEASE:

No Increase in Fuel Price in February – #NNPC

In spite of the rise in the price of crude oil in the international market, the #NNPC has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021.

Thread… pic.twitter.com/zfZG4JpkxT

— NNPC Group (@NNPCgroup) February 18, 2021

 

Related

Tags: Nigerian National Petroleum CorporationNNPCPremium Motor Spirit

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Nigerian Exchange closes bearish as investors lose N341 billion
  • Just in: NLC, TUC suspend planned strike over naira scarcity
  • Xiaomi Launches Redmi Note 12 Series in Nigeria Inspiring Users to “Live Vivid”

Follow us on social media:

Recent News

The Nigerian Exchange closes bearish as investors lose N341 billion

Nigerian Exchange closes bearish as investors lose N341 billion

March 28, 2023
Just in: NLC, TUC suspend planned strike over naira scarcity

Just in: NLC, TUC suspend planned strike over naira scarcity

March 28, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!