Petrol: No increase in ex-depot Price in May – NNPC

The Nigerian National Petroleum corporation (NNPC) says it will not increase the ex- depot price of Premium Motor spirit also known as petrol in May.

The Group Managing Director, Malam , made this known at the end of a closed door meeting with Petroleum Transport (PTD), National Association of Road Transporters Owners (NARTO) and oil marketers in Abuja on Monday.

Ex-depot price is the price marketers buy from depot owners; it determines the pump price at filling stations.

Meanwhile, the News Agency of Nigeria (NAN) reports that queues resurfaced in filling stations around the Federal Capital Territory with visibility of black marketers along the major highways.

“We want inform oil marketing companies that NNPC will not increase the pump price of PMS in May.

“I am the assurance and I ask Nigerians go about their normal ; we have over 20 billion litres of petrol in our custody.

“Many of are aware of this and with the assurance with tanker and , there is no need for panic buying of the product.

“Petrol will available in all the depots in the country including NNPC dispatched depot across the country, so nobody should panic in buying the product,” he said.

On the strike by PTD, he said the strike was associated with NARTO’s inability increase their compensation which was not resolved last week.

“We have given commitment to both NARTO and PTD that we will resolve the issue within a week and come back to the table to have a total closure on the issue.

“We also have a robust with our oil marketing partners in respect of increase in the volume product that is check in the Nigerian market.

“We have agreed to work jointly with all the security agencies to contain any possible infractions seen in our borders.

“We will work as a team to curtail this fraudulent practice with the help of the security agencies,” he added.

He added that the meeting also discussed on payment by Petroleum Equalisation Fund (PEF) to oil marketing companies.

He said that all stakeholders agreed in making PMS available to marketers.

Alhaji Yusuf Orthman, NARTO President, commended the NNPC for the intervention and assured that within the next seven days, things will normalise in the adjustment of allowances of PTD.

“We have requested that they bring three persons so that we discuss the but that not have been possible without this intervention.

“We hope that within the next seven days things will normalise and I want to assure Nigerians that we are committed to it,” he said.

Also, PTD president said that the strike has been suspended until the next seven days

He commended the NNPC and all the stakeholders for their quick intervention.

“We that the condition of service of tanker and others need to improved and we that everything will resolved as discussed,” he said. (NAN)