The Nigerian National Petroleum Corporation Limited, NNPC, has provided an update on the fuel pump price in light of the recent surge in crude oil prices.
In recent weeks, the price of Brent Crude has soared to $96.17, sparking concerns of a potential increase in the cost of petrol.
Addressing these concerns, the Acting Chief Corporate Communications Officer of NNPC, Iyabode Ayobami-Ojo, spoke with Media Talk Africa on Thursday and reassured the public that there are no plans for another petrol price hike.
According to Ayobami-Ojo, the NNPC, in accordance with the Petroleum Industry Act (PIA), is responsible for ensuring energy security and actively manages petrol pump prices.
She stated, “In line with the PIA, NNPC Limited has the responsibility for ensuring energy security and is thus actively managing PMS pump prices at its stations, as is expected under deregulation.”
Stakeholders in the oil and gas sector have acknowledged that the NNPC has the authority to determine the price of petrol, as it is the sole supplier of the product in Nigeria.
Uncertainty Looms as Crude Oil Hits $93.50, Fuel Price
Since the removal of fuel subsidy, the price of petrol has increased from N175 per litre to N545. In July, the price was further adjusted to N617 per litre.
