NNPC Nigerian National Petroleum Corporation has said it is not empowered
statutorily to tinker with the pricing template of petroleum products
as erroneously reported in some national dailies.
In a press statement on Monday, NNPC stated that the price adjustment
in its downstream facilities from N141 to N145 per litre is still
within the price band of N135 and N145 per litre approved on May 11,
2016, by the Petroleum Products Pricing Regulatory Agency (PPPRA), the
statutory body in charge of petroleum products pricing. The corporation assured marketers and motorists of its readiness to
continue to play its statutory role of being the supplier of last resort
and ensuring energy security for the nation. The NNPC further confirmed the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.The NNPC said there was no time its management met the President to
push for a hike in the pump price of petrol to N150 per litre. It advised journalists to always cross check their facts before going to press.
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