The Nigerian National Petroleum Corporation, NNPC says that the recent increase in bridging allowance to transporters from N6.20 to N7.20 per litre will not lead to an increase in the pump price of Premium Motor Spirit, PMS, also known as petrol from the prevailing price of N145 per litre.

Providing the clarification in Abuja on Wednesday, the Chief Operating Officer, COO, in charge of Downstream operations of the Corporation, Mr. Henry Ikem Obih, said there was no plan by government or any of its agencies to review the pump price of petrol above N145 per litre.

He explained that the rise in the bridging cost was achieved after an adjustment was made in the “lightering expenses” from N4 to N3 per litre and the difference transferred to compensate for the cost of bridging within the same template.

The bridging allowance refers to the cost element built into the products pricing template to ensure a uniform price of petrol across the country, while lightering expenses involve charges for moving products to depot area from mother vessels by light vessels due to the inability of the former to berth in shallow water depth.

“What happened, in simple language, is a rebalancing of the margins allowed and approved for stakeholders. So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance. That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre,’’ he said.

On the availability of product supply, the COO said as at today, the country had 1.3billion litres of petrol which translated to an inventory of 36 days.

``What this means is that even if we stop importation or refining of petrol right now, we have enough products in-country to provide for the needs of every Nigerian for a period of 36 days,’’ he said.

Obih noted that the supply availability was bolstered with the production of petrol from the three refineries located in Port Harcourt, Warri and Kaduna.

``There is absolutely no risk of shortage in supply as we also continue to import to support the production from the refineries, we have informed the Department of Petroleum Resources, DPR, to enforce the prevailing N145 per litre price regime and also ensure that every service station that has fuel is selling to the public,’’ he said.

The COO reiterated the readiness of the NNPC Management under the leadership of Dr Maikanti Baru to sustain the existing cordial relations between the NNPC and the leadership of the downstream industry unions and other stakeholders.

He said the DPR which is the regulatory arm of the industry had been alerted to sanction fuel station owners who engage in hoarding or charge consumers in excess of the approved pump price of petrol.

NNPC GMD, Dr Maikanti Baru had announced the review of the bridging allowance on Monday at a mediation meeting between the Petroleum Tanker Drivers, PTD, and the Nigerian Association of Road Transport Owners, NARTO, leading to suspension of a strike action embarked upon by members of National Union of Petroleum and Natural Gas Workers.

In attendance at the resolution meeting were the NUPENG National President, Comrade Igwe Achese, who announced the suspension of the strike; the National President of PTD, Comrade Salimon Akanni Oladiti, his NARTO counterpart, Alh. Kassim Ibrahim Bataiya; and Chairman of House of Representatives Committee on Downstream, Honourable Joseph Akinlaja.


Source:
http://www.autoreportng.com/2017/04/no-plans-to-increase-petrol-price-nnpc.html

Good news, sigh of relief at last

Read more here

http://www.autoreportng.com/2017/04/no-plans-to-increase-petrol-price-nnpc.html

Them they tell us their plans before

Increase it who care any more

There was no plan even when petrol was increased to #145, nigeria never had any plan

As if he is speaking the truth.

then u guys should be planning on reducing the price

Are u sure..... no be tomorrow we go de hear different torry

Before nko. Modafuckers!!

This people always talking from the two sides of their mouth.

Politicians and Life irony

Liars.

Madness everyday from this ill identified government,...so we should be on our knees thanking Godd that the fuel price is yet to climb up ?? .....

Ogun kee all of una there...

Believe NNPC at your own peril.
Anytime they say this, know that they are already working on an increase. Its a game they play which has become familiar to us.

I hear

As if you guys have ever had any plan in ur life before

O beta o

But in this 9ja rumours dey sharply turn reality TV show

Next tin na another givernment oficial will come and say it's a lie o, that government has been planning to increase fuel price since last year.

Senate v. President. Both Are Guilty.

My silence over this issue is informed by the lack of surprise in the whole saga. A cooperation between the two arms would have been the news. The President and the APC are paying for the sin of SAK - a Hausa acronym for "APC all-through". The President was asking Nigerians to vote for APC from head to toe regardless of the record of the contestants. When some of us said it was a mistake for only God and his Messenger could be SAK, nobody listened. Now everybody is learning the hard way.

Put philosophically, in the build up to 2015 elections, the President had a choice between power in alliance with the corrupt on the one hand and continuing to abide by the principle of going with people of like minds on the other - a choice between Machiavelli and Malam Aminu Kano, if you like. He chose power in collaboration with the corrupt after he was tired of the principle that did not yield the result he needed in three previous elections.

Everybody knows who these characters were. However, for political expedience, a deaf ear was turned against their terribly corrupt records. They were embraced, given their potential to match the then ruling party evil for evil. The blood money that they had could not be resisted either. It was needed to fund the APC campaigns. In return they were given party tickets for governorship and National Assembly positions.

Is it now that Nigerians know they can betray them, forgetting that they have betrayed the party that made them governors earlier? Is it now that we know they are corrupt after enjoying their financial contributions during the campaigns? Come on! Let us tell the truth.

The Hausa in their usual eloquence have summarized similar situations in one proverb: kowa ya sai rariya, ya san za ta zub da ruwa.

My advice to the President is that he should embrace the reality that these guys are the co-travelers he knowingly chose to partner with on his journey to the Presidency. He cannot disown them after reaching his destination. So he must learn to tolerate them and their actions for the country to move forward. They are the devils he chose to dine with.

I hope next time the President will have cause to examine his Machiavellian philosophy of SAK.

Bakina alaikum.

Dr. Aliyu U. Tilde
4/4/17

I want to believe dis news but the current govt is allergic to telling truths. So till buhari's tenure ends, I won't believe a word his govt speaks. A govt wit no single drop of credibility.

BMC agents oya gbera!!!

and if you have plans... it will not succeed

Ole

The forming of nigeria was not planned.
The recession we r in was not planned.
The hunger in the land was not planned.
Even buhari did not plan to have cerificate talkless of driving this nation forward.
They have said we will acheive a lot of things via Vision 2020 yet we r still where we are.
I jxt feel like burning to death all these thiefs wey dey call themselves politicians.
Lemme c dem come and hike fuel price na mtcheew

Good. Now some blood pressure can come down.

profhezekiah:
There was no plan even when petrol was increased to #145, nigeria never had any plan

Such clueless people........May God help us!

So they said, then boom 145

Mstchew!!!


I thought dollar and petrol are gang raping Naira...