The price of petrol is not going to be adjusted despite the fluctuations in global crude oil prices until the Federal Government, labour and other stakeholders agree on pricing issues.
Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, Kennie Obateru, said on Monday that the oil firm would not frustrate the ongoing engagement with labour. On April 21, The PUNCH exclusively reported that the landing cost of Premium Motor Spirit imported into Nigeria had jumped to N216.31 per litre on the back of the recent increase in global oil prices and the depreciation of the naira against the dollar.
Petrol is currently sold at about N165 per litre in filling stations, while the ex-depot price of the commodity as approved by the NNPC is about N148 per litre, meaning the oil firm is subsidising the product by over N50 per litre.Obateru told our correspondent on Monday that the oil firm was aware of happenings in the sector as regards the cost of petrol, but insisted that no price adjustment would be made by NNPC now.
He said, “The Federal Government is engaging labour and other stakeholders to agree on modalities and what would be in the best interest of all Nigerians.