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Breaking: NNPC Says When Petrol Price Hike Will Take Effect

The outcome of Federal Government’s discussion with Labour on subsidy of petrol will guide the Nigerian National Petroleum Corporation (NNPC) in taking a position on the contentions issues.

There was anxiety yesterday among oil marketers over what would be outcome of the deliberations between the parties. The talks will end this month.

NNPC’s Group Managing Director Malam Mele Kyari is canvassing full cost recovery for petrol whereby the corporation will be given free hand to manage product sale in accordance with market fundamentals.

On wether the NNPC is prepared for the resolution of the Government/Labour talks, the Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said “We are just waiting”.

He, however, said the corporation would continue to retain the current ex-depot price, pending the directive or announcement from the Federal Government.

Obateru said: “The GMD made everything clear as to the real situation and the position of things. If it was left to us, we (NNPC) would like to recover the full cost of production. But, the government wants to carry Labour along and reach an amicable resolution of the issue as to how it will be done.

“They want to come into agreement as to how deregulation will be effective. So, we (NNPC) are just waiting.  But, we will continue to charge the same price.

“So, our ex-depot price will remain until such as agreement is reached. We are just waiting for them to come to that amicable resolution. Once it is communicated to us, we take the next steps”.

Ruling out any imminent fuel scarcity, the NNPC spokesman said revealed there was abundant product supply.

“We have adequate sufficiency. We have no problem product supply,” he said.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday urged government to either retain subsidy payment or deregulate the petrol price.

Its National Vice President, Abubakar Maigandi, who spoke with our reporter on telephone, said in as much as the product will be available nationwide, the independent marketers were ready to comply with Federal Government/labour decision.

Maigandi said: “Whatever the government resolves with the Labour, we are ready to accept provided the product is available nationwide.”

Commenting on the petrol market, the Major Oil Marketers Association of Nigeria (MOMAN) Executive Secretary, Mr. Clement Isong said his members were still buying petrol from NNPC since they could not import.

Asked when the marketers would start importing products, he said they were waiting for the resolution of the Federal Government/Labour talks.

He said as law abiding citizens, the marketers would comply with government’s announcement.

His words: “We buy products from the NNPC and we sell to the public. We can’t do anything we just buy from NNPC.

“We are all waiting for government and Labour to come to an agreement.  We will wait when they are ready we will follow them. We are law abiding citizens. We will follow what the government wants”.