We’re Not Increasing the Price of Fuel, NNPC Calls Reports Fake News

We’re Not Increasing the Price of Fuel, NNPC Calls Reports Fake News

  • The Nigeria National Petroleum Corporation (NNPC) said reports linking it to a fuel price increase is fake news
  • The company said the public should discountenance the report, saying it is rather focused on adding value to stakeholders in Nigeria
  • The Minister of State for Petroleum, Timpre Sylvia had warned depot owners who sell petrol above the approved price will be sanctioned

The Nigerian Petroleum Corporation (NNPC) has described as fake news an online document purportedly telling Nigerians there will increase in the price of fuel.

In a statement issued on Sunday, March 20, 2022, by the NNPC, the company asked Nigerians to disregard any report linking it to a fuel price increase.

Group Managing Director of NNPC, Mele Kyari
Group Managing Director of NNPC, Mele Kyari Credit: Akpeyi Oronto
Source: Twitter

The NNPC also warned depot owners who sell petrol above the approved rate of severe consequences, according to a Nairametrics report.

What the NNPC is saying

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“It is fake news obviously concocted to cause confusion and to undermine the progressive drive of the NNPC to restore normalcy to the market. The general public and in particular industry operators at all levels should disregard this mischievous act of misinformation.”

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According to the company, it is concentrating on repositioning itself to provide value to its stakeholders as well as meeting its obligations as the provider of energy security in Nigeria.

NUPENG, the umbrella body for Petroleum and Natural Gas Workers has warned that it will cease to lift products for retailers who sell fuel above the official depot price of N148.77.

The NNPC had said that there are no plans to increase its ex-depot price of petrol in March last year.

What the Minister is saying

The Minister of State for Petroleum, Timipre Sylva stated that the Federal Government had warned that depot owners selling fuel above the approved ex-depot price in filling stations nationwide will be sanctioned.

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Sylvia said:

“We are aware, just like President Muhammadu Buhari said in a statement, that there are some depot owners who are taking advantage of the situation by increasing the Ex-depot price.
“I can assure you that there will be sanctions for any of those depots that continues to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.”

NNPC: Report Reveals Billions of Naira Petrol Subsidy Gulped in 7 Months

Legit.ng has reported that a report by TheCable indicates that Petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.

The subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

Legit.ng gathers that the the document obtained showed that the country spent a total of N714.79 billion year-to-date to cater for the cost of petroleum shortfall, also known as under-recovery.

Source: Legit.ng

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