Nigerian National Petroleum Corporation (NNPC) has confirmed that it has no plot to increase the official pump price of Premium Motor Spirit (PMS), commonly called petrol, from N162 in July.
Malam Mele Kyari Group Managing Director (GMD) of NNPC, made the announcement on Tuesday during an appearance on Channels TV.
The GMD also stated that talks were still ongoing with the Organised Labour to arrive at the appropriate price of the petroleum product, stating that until both parties arrive at a conclusion, there will not be a change of price.
Malam Mele Kyari said President Muhammadu Buhari asked the corporation not to increase petrol prices out of the reach of Nigerians at this time.
“What this means, however, is that we are taking out cash that could have been used for other things to pay under-recovery”, he said, while noting that the new Dangote Lagos refinery will begin operation this year.