NNPC denies report on fuel price increase

The management of Nigeria Railway Corporation (NRC) has ruled out possibility of imminient in the pump price of petroleum products.
   Reacting to online reports suggesting that  the Federal Government will soon increase the price of fuel due to the dwindling state of Foreign Exchange (FOREX), NNPC   Group Managing Director (GMD), Maikanti Baru said he has not received any directive to that effect.
   Fuel price was recently increased from N86 to N145 per litre.
  He said: ““I have not been directed to increase petrol pump price, even the other price was based on recommendation from the regulatory body. I’m not aware that they are planing to do any increase; you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.
“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust.
“We are meeting demands; we have over 1.4 billion liters on ground. So I don’t see any basis for increase.
“However, the review could be done by the right  body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concerned.”