No Plan To Increase Petrol Price In May – NNPC

Nigerian National Petroleum Corporation (NNPC) has said there will be no increase in depot price of Premium Motor Spirit also known as petrol in May.

Depot price is the price marketers buy products from depot owners, which then help determines the pump price at filling stations.

Group Managing Director of NNPC, Malam Mele Kyari gave the assurance at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO) and oil marketers in Abuja on Monday April 19.

The meeting convened by NNPC boss held amid the industrial action by the tanker drivers who had given NARTO a seven-day ultimatum to address the issues bordering on the increase of compensation for their members.

As a result, the tanker drivers decided to suspend their industrial action, with a promise to resume operation.

Kyari said;

We want to inform oil marketing companies that NNPC will not increase the pump price of PMS in May. I am giving the assurance and I ask Nigerians to go about their normal businesses; we have over 20 billion litres of petrol in our custody.

Many of you are aware of this and with the assurance with tanker drivers and NUPENG, there is no need for panic buying of the product. Petrol will be available in all the depots in the country including NNPC dispatched depot across the country, so nobody should panic in buying the product.

Kyari asked the union to expedite action to ensure that fuel queues do not resurface across the country.

He expressed;

On the ongoing strike by Petroleum Tanker Drivers (PTD) associated with the ability of their employers – NARTO to increase their compensation, leading to the industrial action, this we were not able to resolve last week.

But we have given a commitment to both NARTO and PTD that we will resolve the underlining issues within a week and come back to the table so that we’ll have a total closure around the dispute – both in terms of government’s responsibility and then the responsibility of NARTO (owners of the trucks) to the Petroleum Tanker Drivers.

Also commenting on the strike by PTD which he said is associated with NARTO’s inability to increase their compensation which was not resolved last week, Kyari added;

We have given commitment to both NARTO and PTD that we will resolve the issue within a week and come back to the table to have a total closure on the issue.

We also have a robust engagement with our oil marketing partners in respect of increase in the volume product that is check in the Nigerian market.

We have agreed to work jointly with all the security agencies to contain any possible infractions seen in our borders. We will work as a team to curtail this fraudulent practice with the help of the security agencies.