The Nigerian National Petroleum Corporation has agreed to leave the petrol price at N165 per litre for now.
The Nigerian National Petroleum Corporation (NNPC) has announced it would leave petrol price at N162-N165 per litre.
It said this will be in place for now until the conclusion of talks with labour and other stakeholders.
Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, said the Corporation, at the moment, bears the burden of importing refined petroleum products.
He said NNPC is serving as the supplier of last resort to guarantee energy security for the nation.
Obateru said the NNPC has no intention to preempt the talks with labour by unilaterally increasing the ex-depot price of petrol.
At a briefing at the State House on Thursday, the NNPC GMD, Mele Kyari said the actual cost of petrol is N234.
He said the corporation been absorbing the subsidy cost of between N100-N120 billion monthly.
He hinted that the NNPC is getting overburdened by the cost and can’t bear it any more.
But Obateru clarified that the NNPC as a proactive organization, 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.