The current ex-depot price of Premium Motor Spirit (petrol) would be maintained until the conclusion of ongoing engagement with the organized labour and other stakeholders, says Nigerian National Petroleum Corporation (NNPC).
The corporation had maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of about N120bn monthly.
Speaking to journalist in Abuja, the NNPC Group General Manager, Group Public Affairs Division, Kennie Obateru, said that at the moment, NNPC was bearing the burden of importing refined petroleum products.
This, he said, was because the oil firm was the supplier of last resort with the task of guaranteeing energy security for the nation.
Obateru while shedding more light on the recent interview by the Group Managing Director, Mele Kyari, at the State House, said NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.
He said this was despite the fact that the corporation was bearing the burden of price differentials between the landing cost and pump price of petrol.
Obateru said “NNPC 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”.
He advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.
The NNPC spokesperson also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring products availability in Nigeria.
He assured marketers and all other relevant stakeholders in the downstream sector of sustainable collaboration for the public interest.