ANOTHER FUEL PRICE HIKE?

The fears which have been spreading amongst the Nigerian populace of another hike in the pump price of Premium Motoring Spirit PMS (Petrol) has been doused by the Nigerian National Petroleum Corporation NNPC today.

Addressing newsmen in Abuja, Group General Manager, Group Public Affairs Division of the NNPC, Mr. Muhammad Garba-Deen, said there is absolutely no plan, whatsoever, by the Federal Government or the NNPC to increase fuel price above the N145 maximum level.

He was quoted by the Vanguard as saying that if there is going to be anything like a price hike, the agency responsible for fixing the price of petrol, the Petroleum Products Pricing Regulatory Agency, PPPRA, would definitely sensitize Nigerians on it and give reasons for the hike. He said, “As for this moment, there is absolutely no plan to do that and no need to that, because we have more than enough supply, we have very robust stock of product in our custody. In addition to that, we also have long term procurement contract with our suppliers. “The usual reason that would necessitate a review of price at the moment has been taken care of. We have long term procurement contract with our suppliers; we have more than enough supply to last us throughout the ember months and beyond. “The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations.”

But from experience such denials in the past from official quarters have turned out to be exactly the opposite. And by now there would have been widespread panic buying, but the present harsh economic situation in the country has probably made that impossible as most families are barely managing to buy food and hardly have any money to spare in stocking up petrol.