The price of petrol is not going to be adjusted despite the fluctuations in global crude oil prices until the Federal Government, labour and other stakeholders agree on pricing issues.
Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, Kennie Obateru, said on Monday that the oil firm would not frustrate the ongoing engagement with labour.
Petrol is currently sold at about N165 per litre in filling stations, while the ex-depot price of the commodity as approved by the NNPC is about N148 per litre, meaning the oil firm is subsidising the product by over N50 per litre.
The NNPC has been the sole importer of petrol into Nigeria for more than three years running.
Obateru said that the oil firm was aware of happenings in the sector as regards the cost of petrol, but insisted that no price adjustment would be made by NNPC now.
He said, “The Federal Government is engaging labour and other stakeholders to agree on modalities and what would be in the best interest of all Nigerians.”
He said it was because the corporation knew the engagement could not be completed in May that informed the announcement that there would be no increase in fuel price.
The Federal Government had left the pump price of PMS unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product was estimated to gulp N500bn in the period.