Since the adjustment made on fuel retail price on Thursday by the Nigerian National Petroleum Corporation NNPC from N141 to N145 per liter, there have been rumours that the Corporation had plans to hike the fuel price soonest.
On Monday the corporation denied the assertions that it intends to increase pump price of petrol to N150 per liter. It made the denial through its official social media page on Twitter.
The @NNPCgroup tweet stated, “NNPC is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some dailies.”
“The price adjustment in NNPC downstream facilities, from N141 to N145 per litre is still within the price band of N135 to N145 per litre approved by the Pipelines and Products Pricing Regulatory Agency PPPRA.
When interviewed by newsmen, the minister of state for petroleum resources, Ibe Kachikwu expressed surprise at the N4 adjustment made, stating on national television that he was not aware of the development.
Written by Okolo Ezinne