Business Oil Marketers Reducing Petrol Price, Dismiss Alleged Planned Increase

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The Nigerian National Petroleum Corporation and marketers in the downstream oil sector have said that there is no plan to increase the pump price of Premium Motor Spirit, otherwise known as fuel.

The Nigeria Labour Congress recently declared that the Federal Government should not test its (NLC’s) resolve by hiking the price.

The corporation’s Group General Manager for Public Affairs, Mr. Ndu Ughamadu, said there was no plan to hike the price.

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He told newsmen that the national oil firm had never complained about the financial burden it shouldered in ensuring that the country remained wet with products.

Ughamadu said, “There is no directive from the Federal Government to increase petrol price at the moment.”

On his part, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said there were no discussions between the government and the marketers regarding increase in fuel price.

He said some marketers were even reducing petrol prices, adding, “There is glut in the market, so there is no way anybody will want to think of increasing prices now. The NNPC is over-importing.”
 
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