Oil and Gas

NNPC denies issuing directive on fresh petrol price

The Nigerian National Petroleum Company Limited has denied issuing the directive on the new price of Premium Motor Spirit, otherwise known as petrol.

NNPC said on Tuesday that fuel pricing directly falls under the responsibilities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The spokesperson for the NNPC, Garbadeen Muhammad, 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.”

However, there was confusion in the downstream sector on Monday as operators unilaterally increased petrol prices from N165 to N179 per litre.

In any case, most of the independent marketers were selling between N170 and N200 per litre in complete disobedience to the government’s directives.

Despite refuting the circulating new price circular of petrol, many oil marketers continue to sell at their preferred prices, depending on locations.

In Lagos, the NNPC, Limited sold at N169 per litre while the major marketers were seen selling at over N170 per litre.

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