The Nigerian National Petroleum Corporation (NNPC) on Friday has disclosed that there would be no increment in petrol price until it negotiate with the organized labour.
Kennie Obateru, group general manager, group public affairs division of NNPC who disclosed this in a statement added that the current ex-depot price of petrol would be maintained until the end of negotiations with organised labour.
Addressing Journalists in Abuja, Obateru, said the Corporation, at the moment, was bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation.
Giving more explanation on the recent interview by the Group Managing Director, Mele Kyari, at the State House, Obateru stated that the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even though the Corporation is bearing the burden of price differentials between the landing cost and pump price of petrol.
He said as a proactive organization, NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times.
Obateru advised petroleum product marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.
He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.
This announcement is coming hours after Mele Kyari, NNPC general managing director (GMD), said the NNPC can no longer bear subsidy in its books, a development which will force Nigerians to pay more than N200 per litre for petrol in April.
Kyari said the NNPC pays between N100-120 billion a month to keep the pump price at the current level, insisting that market forces must be allowed to determine the pump price of petrol in the country.
He explained that while the actual cost of importation and handling charges amounts to N234 per liter, the government is selling at N162 per liter.
