The Nigerian National Petroleum Co-operation says President Muhammadu Buhari has not approved an increase in Petroleum price from N145 to N150 per litre.

NNPC in a statement on Monday also defended the recent N4 increase in its pump prices saying the price is still within the price band approved by the Petroleum Products Pricing Regulatory Agency (PPPRA).

The body also assures Nigerian that it has at least 1.6 billion liters of petroleum in reserves, which it says will serve the country for at least 45 days.

The statement read, “There was no time NNPC met the President to push for a hike in the pump price of petrol to N150 per litre.”

“NNPC is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some dailies. The price adjustment in NNPC downstream facilities from N141 – N145/l is still within the price brand of the N135 – N145/l approved by the PPPRA.

“NNPC assures marketers and motorists of its readiness to continue to be the supplier of last resort and ensuring energy security for Nigeria.

“NNPC also wishes to confirm the availability ‎of over 1.6 billion litres of PMS In-country that would last 45 days consumption.

The pump price of petrol in Nigeria rose to N145 per litre earlier this year after President Muhammadu Buhari removed fuel subsidy.

The government said the decision to remove the subsidy was as a result of the fall in oil price and non-availability of foreign exchange.

The government however, said the liberalization of petrol supply and distribution will allow marketers and any Nigerian entity willing to supply PMS to source for their forex and import PMS to ensure availability of products in all locations of the country. (Tv360nigeria)

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