Petrol: We will maintain current ex-depot price, says NNPC

The Nigerian National Petroleum Corporation (NNPC) discloses it will continue the present ex-depot price of Premium Motor Spirit (PMS), likewise called petrol, until the decision of ongoing meeting with the organised labour.

NNPC, on Friday, declared this in a statement by its representative Dr Kenny Obateru, in Abuja.

Ex-depot price is the cost marketers purchase products at the depot; it decides the cost at which they will sell to motorists.

Obateru stated that NNPC, right now, was bearing the problem of importing refined petroleum commodities as the supplier of last resort to ensure energy security for the country.

He said that the corporation had no objective to prevent ongoing meeting with labour by singularly increasing the ex-depot price of petrol, despite the fact that NNPC bears the weight of price differences between the arrival cost and petrol pump price.

Obateru added that as an active organisation, NNPC has made provisions for substantial stock of petroleum commodities in all its planned depots across the nation to keep the country well supplied consistently.

He urged marketers of petroleum products not to involve in illogical price increase or hoarding of petrol so as not to upset the market.

Obateru further advised motorists not to take part in fright purchasing; emphasising that NNPC was dedicated to guaranteeing energy security for the nation as the supplier after all other options have run out.

He guaranteed marketers and all other significant shareholders in the downstream sector of justifiable partnership for the interest of the public.