The Nigerian National Petroleum Corporation (NNPC) said it would maintain its current ex-depot price of Premium Motor Spirit (PMS) otherwise called petrol it concludes its ongoing dialogue with the organised labour and other stakeholders.
Speaking with journalists on Friday, the Group General Manager, Group Public Affairs Division of the corporation, Kennie Obateru, said the NNPC would continue to bear the extra expenses 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.
NNPC 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
Giving more details of the recent interview granted by the Group Managing Director, Mele Kyari, at the State House, Obateru said NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.
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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.
“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,” Obateru said.
He advised petroleum product marketers not to engage in an arbitrary price increase or hoarding of petrol so as not to disrupt the market.
