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As the recent report revealed that Brent Crude reached $96.17 on Thursday, Nigerian National Petroleum Corporation Limited, NNPC, has given an update on the fuel pump price amid rising crude oil prices.
However, in a chat with DAILY POST on Thursday, the Acting Chief Corporate Communications Officer of NNPCL, Iyabode Ayobami- Ojo, allayed fears of another hike in the petrol pump price.
She stated that in line with the Petroleum Industry Act, PIA, the NNPCL has responsibility for ensuring energy security, thus actively managing petrol pump prices.
“In line with the PIA, NNPC Limited has responsibility for ensuring energy security and is thus actively managing PMS pump prices at its stations, as is expected under deregulation,” she stated.
Stakeholders in the oil and gas sector had said that the increment of petrol pump price is within the prerogative of NNPCL since it is the sole supplier of the product in Nigeria.
Upon removal of fuel subsidy, the petrol pump price rose from N175 per litre to N545. In July, the fuel price was reviewed upward to N617 per litre.
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