#FuelPriceHike: No increase in petrol depot price in March, NNPC insists

The Nigerian National Petroleum Corporation (NNPC) has insisted that there is no increase in the petrol depot price in March.

This is coming as a response to the Petroleum Products Pricing Regulatory Agency (PPPRA) fixing the pump price of Premium Motor Spirit (PMS) otherwise called petrol, at N212.61 per litre, for the month of March on Thursday.

The NNPC precluded any increase in the ex-depot price on Friday in a concise tweet through its verified Twitter handle, @NNPCgroup.

In a tweet, on Friday, the NNPC said, “#NNPC Insists No Increase in Ex-Depot Price of PMS in March”.

Top Naija had reported earlier that the Federal Government has increased the cost of fuel at the pump to N212 per litre.

According to PPPRA, a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March compared to the N186 it retailed for in February.

The Nigerian National Petroleum Corporation (NNPC) was established on 1 April 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources.

The NNPC Towers in Abuja is the headquarters of NNPC. Consisting of four identical towers, the complex is located on Herbert Macaulay Way, Central Business District Abuja.

In addition to its exploration activities, the Corporation was given powers and operational interests in refining, petrochemicals and products transportation as well as marketing.

The Corporation is an integrated Oil and Gas Company, engaged in adding value to the nation’s hydrocarbon resources for the benefit of all Nigerians and other stakeholders.

The Nigerian National Petroleum Corporation is the Oil Corporation, through which the federal government of Nigeria regulates and participates in the country’s petroleum industry.

The NNPC business operations are managed through Strategic Business and Corporate Services Units (SBUs/CSUs) in diverse locations across Nigeria.

The Corporation by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, Chevron, among others.

Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production.

The Group Managing Director (GMD) of NNPC is Mele Kolo Kyari.