In the midst of rising crude oil prices, the Nigerian National Petroleum Corporation Limited, NNPC, has provided an update on fuel pump prices.
According to Platinum Times, Brent Crude rose to $96.17 on Thursday.
The spike had been going on for weeks, raising concerns about a likely increase in the price of gasoline at the pump.
However, in an interview with Platinum Times on Thursday, NNPCL’s Acting Chief Corporate Communications Officer, Iyabode Ayobami-Ojo, allayed fears of another price increase at the pump.
According to the Petroleum Industry Act, PIA, the NNPCL is responsible for guaranteeing energy security, which includes actively controlling fuel pump prices.
“In line with the PIA, NNPC Limited has responsibility for ensuring energy security and is thus actively managing PMS pump prices at its stations, as is expected under deregulation,” she said.
Stakeholders in the oil and gas industry have stated that the increase in petrol pump prices is within NNPCL’s authority because it is the sole supplier of the commodity in Nigeria.
After the fuel subsidy was removed, the petrol pump price increased from N175 to N545. The fuel price was raised to N617 per litre in July.