The Nigerian National Petroleum Corporation Limited (NNPCL) has given an update on the fuel pump price amid rising crude oil prices.
NNPCL spoke as Brent Crude surged to $96.17 on Thursday.
The surge has continued for weeks, creating fears of a possible hike in the petrol pump price.
However, the acting Chief Corporate Communications Officer of NNPCL, Iyabode Ayobami- Ojo, allayed fears of another hike in the petrol pump price.
She said that in line with the Petroleum Industry Act (PIA), the NNPCL has responsibility of ensuring energy security, thus actively managing petrol pump price.
“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 sector had said that the increment of petrol pump price is within the prerogative of NNPCL as it is the sole supplier of the product in Nigeria.
Upon removal of petrol subsidy, the pump price of the product rose from N175 per litre to N545. In July, the price went up again to N617 per litre.