Maikanti Baru, the Group Managing Director of Nigeria’s state oil company, the Nigerian National Petroleum Corporation, says the Nigerian Government does not plan to increase the price of petroleum products.

There had been speculations of a fresh raise, two months after the government increased the price of petrol from N86.50 to N145 a litre.

Reports said the government was considering new rates as Nigeria’s foreign exchange crisis continues to hamper importation of products.

However, speaking newsmen after a meeting with President Muhammadu Buhari, Baru denied there was a plan to increase the pump prices.

He said. “I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body,”

“I’m not aware that they are planning to do any increase; you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion liters on ground.

“So I don’t see any basis for increase. However, the review could be done by the right body, you should contact PPPRA; that is the regulatory body as far as petrol pricing is concern.”

Meanwhile, the Major Oil Marketers Association of Nigeria (MOMAN) has assured Nigerians that pump price of Premium Motor Spirit (PMS), otherwise called petrol, will drop very soon.

This was disclosed by the Executive Secretary of the association, Obafemi Olawore while addressing newsmen in Lagos.

According to Olawore, despite the scarcity of foreign exchange major marketers are relying on their upstream divisions to get dollars to finance their imports. (TV360 Nigeria)

•Photo shows NNPC GMD Maikanti Baru.

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