We won’t increase pump price of petrol, NNPC tells marketers, distributors

*Orders monitoring teams To Sell Hoarded Fuel Free To Motorists

The Nigerian National Petroleum Corporation (NNPC) has dismissed speculations about plans to increase the current pump price of petrol, stressing that there was no reason for any increase.

The Group Managing Director of NNPC, Dr. Maikanti Baru made this known at Ibefun, Ogun State. venue of the launch of multi-billion dollar Oil and Gas Mega City project by Petrolex.

The GMD said the queues which suddenly resurfaced in some petrol stations across the federation were masterminded by petrol marketers and distributors, who he stressed, chose to hoard available products in anticipation of increase in the pump price if fuel.

He said the hoarding of fuel by marketers and distributors was needless, since according to him, NNPC had no plan to add a penny to the NI45 being the current pump price of petrol in Nigeria.

Baru said NNPC at the moment can boast of adequate reserve of fuel, which according to him can last for the next 30 days with effective distribution.

He said NNPC would not fold its arms to allow fuel distributors cause artificial scarcity of petroleum product, most especially as the yuletide approaches.

He said officials of the Department of DPR and the PPRA had been instructed to move round the country to ensure effective supply of fuel and to stop the artificial scarcity being created.

According to him, officials of NNPC on inspection will not hesitate to shut down any filling station found culpable of hoarding petroleum based on speculation of possible price increase.

He stressed that punish fuel stations found culpable of hoarding fuel, NNPC officials on patrol will take the liberty to burst fuel tanks and in effect sell product fee to motorists to serve as deterrent to others.

He said NNPC has been on stand-by to ensure effective distribution of fuel throughout the period of the yuletide, stating that the Corporation had revived four main depots in Nigeria to this effect.

Baru Commended the management of Petrolex, in particular, the Managing Director, Segun Adebutu for spearheading the building of Oil and Gas Mega City, which he described as the largest of its kind in the sub-Saharan Africa.

The NNPC GMD said when the Oil and Gas Mega City is completed, it would help to reduce the challenges of fuel supply in Nigeria while also assisting to address the problem of traffic gridlock at Apapa, Lagos caused by the activities of petrol trucks and tankers.

He described the Oil and Gas Project at Ibefun as an attestation to the hard work and dedication for which Nigerians are known as well as the ‘Can Do’ spirit of an average Nigerian.

He assured that NNPC would always offer the required assistance to Petrolex to ensure the success of the project, which according to him will shore up the expertise of Nigeria in the oil and gas business.

Vice President Yemi Osinbajo, who inaugurated the Oil and Gas Mega City Projects was the special guest of honour at the occasion, while former President Olusegun Obasanjo was also in attendance.

Other dignitaries in attendance were the Senate President, represented by Senator Dino Melaye, the governors of Ogun and Benue States, Senator Isiaka Abiola Ajimobi, Samuel Orthom, former Deputy Senate President, Chief Ken Nnamani, the Ooni of Ife, Oba Enitan Ogunwusi, the Oba of Lagos, Oba Rilwan Akiolu, the Obi of Onitcha, Senator Grace Folasade Bent, Senator Teslim Folarin; and others.

Olufemi Samuel, Abuja.