midst the prevailing scarcity of fuel, the Nigerian National Petroleum Corporation (NNPC) Limited has said it has not adjusted the price of premium motor spirit (PMS).
TheNewsGuru.com (TNG) reports PMS, otherwise known as petrol, is used to power vehicles and generators that use internal combustion engines.
A report in circulation had touted the NNPC as reviewing the ex-coastal, ex-depot and NNPC retail pump prices of PMS, reportedly in compliance with the directives of the Minister of State for Petroleum Resources.
“In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
“Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre. These reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” the statement reportedly signed by Mele Kyari, Group Managing Director, NNPC reads.
However, in a swift response, the NNPC has described the report as a mischievous act of misinformation, saying its fake news.
In the response signed by Garba Muhammad, Group General Manager, Group Public Affairs Division of NNPC Ltd, the Corporation urged the general public and industry operators at all levels to disregard the report.
“It has come to the attention of the NNPC Ltd that the Company has reviewed ex-coastal, ex-depot and NNPC Retail prices. This is not true. It is fake news obviously concocted to cause confusion and to undermine the progressive drive of the NNPC to restore normalcy to the market.
“The general public and in particular industry operators at all levels should disregard this mischievous act of misinformation.
“NNPC Ltd remains focused and determined to reposition itself to provide value to its share holders, while meeting its statutory obligation as provider of energy security for our country,” the statement by Muhammad reads.