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The Nigerian National Petroleum Corporation has debunked claims that it is planning to raise the price of petrol.

On its Twitter account, Nigeria’s apex oil production and development body enumerated the following points:

  1. “NNPC group is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some dailies.”
  2. “The price adjustment in NNPC downstream facilities from N141-N145/ltr is still within the price band of N135-N145/ltr approved by the PPPRA.”
  3. “NNPC group assures marketers [and] motorists of its readiness to continue to be the supplier of last resort and ensuring energy security for Nigeria”
  4. “NNPC group also wishes to confirm the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.”
  5. “There was no time NNPC group Management met the President to push for a hike in the pump price of petrol to N150 per litre.”

It will be recalled that earlier in the month, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu revealed how the Federal Government intended to “review” the country’s fuel price template. The NNPC decided to make known its position to the public after much speculation.