The Nigerian National Petroleum Company Limited has given an update on the fuel pump price amid rising crude oil prices.
The Acting Chief Corporate Communications Officer of NNPCL, Iyabode Ayobami-Ojo, allayed fears of another hike in the petrol pump price on Thursday.
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 have said that the increase in petrol pump prices is within the prerogative of NNPCL since it is the sole supplier of the product in Nigeria.
Upon the removal of the fuel subsidy, the petrol pump price rose from N175 per litre to N545. In July, the fuel price was revised upward to N617 per litre.
Culled from Daily Post
