We did not direct oil marketers to hike petrol price – NNPC

We have 1.7bn liters of petrol in stock, Avoid panic buying, - NNPC tells Nigerians

The Nigerian National Petroleum Company (NNPC) Limited has denied directing marketers to engage in an upward review of price and pump price of premium motor spirit (PMS), also known as petrol.

Recall that it was reported on Tuesday July 19, that the NNPC had in a notice to oil marketers, approved an upward review in the pump price from N165 per litre to N179 per litre as well as the ex-depot price from N148.17 to N167 per litre.

Reacting to this in an interview with TheCable,  Garba Deen Muhammad, NNPC’s spokesperson said the oil firm does not function as a regulator and consequently does not set prices for petrol.

He said;

“The NNPC no longer approves pump price review. That is the work of the midstream and downstream authority.

“I have no idea. They are the ones that tell you what price regime the government has approved, not NNPC. NNPC has already exited all that situation. We are operating just like MTN now.”

An oil marketer who preferred anonymity also told the publication that the claims in the circulated message were “false” and “mischievous” as nothing of such happened between the government and marketers.

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