current ex-depot price will not change- NNPC

The Nigerian National Petroleum Corporation (NNPC) says it will maintain the current ex-depot price of Premium Motor Spirit, also known as petrol, until the conclusion of ongoing engagement with the organized labor.

The corporation disclosed this in a statement by its spokesman, Kenny Obateru, in Abuja, on Friday.

Ex-depot price is the price marketers buy products at the depot, it determines the price at which they will sell to motorists.

He said the corporation, at the moment, was bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation.

He stated that the NNPC had no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even though the corporation is bearing the burden of price differentials between the landing cost and pump price of petrol.

He said as a proactive organization, NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times.

Obateru advised petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol so as not to disrupt the market.

He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.

The spokesman therefore assured marketers and all other relevant stakeholders in the downstream sector of sustainable collaboration for the public interest.

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