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BUSINESS NEWS

NNPC discloses when it will increase fuel price, makes clarifications on ‘July increment’

NEWSMAN, Abuja – Nigerian National Petroleum Corporation (NNPC) has said there was no plan to increase the official pump price of Premium Motor Spirit (PMS), otherwise known as petrol, from N162 in July.

In a statement by the Group Managing Director (GMD) of NNPC, Mele Kyari, on Tuesday during a programme on Channels Television, noted that engagements were still ongoing with the Organised Labour to arrive at the appropriate price of the petroleum product, stating that until both parties arrive at a conclusion, the current price remains.

According to him, President Muhammadu Buhari instructed the corporation not to make petrol price out of reach of Nigerians, “especially at this moment”.

Kyari however, said what this means is that we are taking out cash that could have been used for other things to pay under-recovery.

He revealed that Dangote refinery being constructed in Lagos State would commence operation this year.

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