NNPC Reveals Fuel Price Increase Not On The Cards

NNPC Reveals Fuel Price Increase Not On The Cards

The Federal Government on Wednesday orderd the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, to end the fuel queues in the country by the end of this week.

Baru, who was billed to receive the Forbes Oil and Gas Man of the Year Award 2017 in the British capital on Tuesday, flew back to the country to attend what he described as a "matter of urgent importance".

NNPC spokesperson, Mr Ndu Ughamadu, in a statement, urged Nigerians to stop panic buying, reiterating that there was enough fuel in the nation's depots. When I said that independent marketers need the product most, I'm talking in relation to numbers of marketers that are members of IPMAN.

It said he had ordered more petroleum products to be dispatched nationwide "to cushion the effects of excessive demand caused by panic buying" before travelling to Britain.

The NNPC in a release also informed Nigerians that there was no plan whatsoever to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide.

He assured the public that the corporation had enough stock of petroleum products to ensure seamless supply and distribution of products across the country, especially during the Yuletide.

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Chairman, IPMAN Ejigbo depot branch, Ayo Alanamu, also chided the NNPC, adding that "its officials were collaborating with the private depot owners to create artificial scarcity".

Meanwhile, the Senate Committee on Petroleum Downstream has summoned Baru over increasing fuel queues surfacing in different parts of the country.

Baru failed to appear before the committee on Tuesday, leading to a reschedule of the meeting to explain the causes of the scarcity.

"However, given the seriousness of the matter, we made a decision to invite the GMD to come and brief on the development and to enable Nigerians know the situation of things". They could no longer get from NNPC's depots, now they are accusing us.

Marafa however noted that the NNPC already issued statements informing that there is no need for panic buying.

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