No Plans To Increase Petrol Prices – NNPC Assures Nigerians

The Nigerian National Petroleum Company (NNPC) has assured Nigerians that there is no imminent increase in the cost of Premium Motor Spirit (PMS), popularly known as petrol.

The NNPC made this known in a statement issued on Thursday by its Chief Corporate Communications Officer, Olufemi O. Soneye.

The national oil company urged Nigerians to disregard unfounded rumours and assured them that there are no plans for an upward review of the PMS price.

It also advised motorists nationwide against panic buying, as there is ample availability of petrol across the country.

In a related development, the NNPC and the Central Bank of Nigeria (CBN) have set limits for the management of the oil firm’s revenue.

In a statement on Thursday,  Soneye said the limit was set when the Group Chief Executive Officer of the oil firm, Mele Kyari, and the CBN Governor, Olayemi Cardoso, met in Abuja.

He said both Kyari and Cardoso had met to review the decision to transfer revenue generated by NNPC to the apex bank.

Soneye said both Kyari and Cardoso “reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN”.

He said the meeting was also held to strengthen CBN and NNPC’s relationship to guarantee seamless commercial operation.

Following their meeting, the spokesperson noted the value created by the decision for all parties, especially in providing NNPC with an improved platform for managing its cash-holding obligor limits in commercial banks set by the board of directors.

He said: “The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions.

“Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC limited and noted that NNPCL continues to have banking transactions with commercial banks as required.”