NNPC rolls out punishment for fuel price hikers, insists on N133.28 per litre

- The Nigerian National Petroleum Corporation has said that the price on fuel will remain at N133.28 per litre

- It vows to forward the names of oil marketers who hike the price to the Department of Petroleum Resources (DPR) for sanctioning

- Ndu Ughamadu, the NNPC group spokesman, said that Nigerians should ignore any speculations that pump price will soon increase

The Nigerian National Petroleum Corporation says that the ex-depot price of Premium Motor Spirit (PMS) also known as petrol remains N133.28 per litre.

Ndu Ughamadu, the NNPC group spokesman, disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja on Tuesday, April 2.

He said that Nigerians should ignore any speculations that pump price will soon increase. "The ex-depot price of PMS remains N133.28 per litre as at today and this is according to the Petroleum Products Pricing Regulatory Agency (PPPRA) template.

“NNPC remains the sole importer of the product and we have not increased the price we sell to marketer. There is no plan to increase pump price, Nigerians should know that,” he said.

He said that the corporation had robust stock pile of products that would last the country for several days, adding that there was no need to engage in panic buying.

He said that the corporation had strengthen the partnership with Major Oil Marketer Association of Nigeria (MOMAN) to ensure adequate supply of products in the country.

“We also told them not to increase price but if they engage in that, it is illegal and we have instructed the Department of Petroleum Resources (DPR) to sanction them," he said.

Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had recently warned that the pump price of the PMS may sell above N145.

The IPMAN chairman of Ore Depot, Shina Amoo, who gave this hint, added that the price of the product has increased at the private depot.

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According to him, the private depot owners now sell the product between N136.50 and N137 per litre instead of the former N133.28 per litre approved by the NNPC.

"IPMAN may soon start selling beyond N145 per litre if depot owners continued to sell between N136.50 and N137 per litre,” he said.

Meanwhile, Legit.ng reported that the NNPC had cautioned depot owners and terminal operators against selling Premium Motor Spirit (PMS), otherwise known as petrol, above the official ex-depot price of N133.28k per litre.

The NNPC also warned petroleum products marketers not to sell the product above N145 per litre. Ex-depot price is the ceiling at which depot owners or terminal operators sell products to marketers, while the pump price of a product is the amount consumers buy it from fuel stations.

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