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NNPC Speaks On Increasing Petrol Price In May

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The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Monday, disclosed that the price of petrol will not be increased in May.

NNPC has maintained an ex-depot price of N148/litre since February despite the increase in the price of petrol, hence incurring a subsidy of over N120bn monthly.

Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.

Kyari in his statement further stated that Petroleum Tanker Drivers have suspended their proposed strike after the intervention of NNPC in the disagreement between the PTD and the National Association of Road Transport Owners.

The NNPC in a post on Twitter wrote, “Following GMD #NNPC Mallam @MKKyari’s intervention in the National Association of Road Transport Owners/Petroleum Tanker Drivers impasse, PTD has just announced the suspension of its planned strike until closure of discussion between both parties.”

“Also, the GMD announced that there would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”

In another development, the federal government of Nigeria has shed more light on what transpired between the central and state governors as regards the regards the allocation sharing for March 2021.

The Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed that when it was discovered that there was a shortfall of N50 billion from the Federation Account Allocation Committee (FAAC), the state governors wanted the federal government to borrow the shortfall from the Central Bank of Nigeria (CBN)