The Nigerian National Petroleum Corporation (NNPC) says petrol will continue to be sold at current ex-depot price pending conclusion of negotiations with organised labour.
Kennie Obateru, group general manager, group public affairs division of NNPC, made this known in a statement on Friday.
NNPC
This development comes after Mele Kyari, NNPC general managing director (GMD), said the NNPC can no longer sustain payment of subsidy in its books.
Kyari had said the NNPC can no longer bear the burden of underpriced sales of petrol, adding that the market price need to be implemented.
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He said NNPC pays between N100-120 billion a month to keep the pump price at the current levels.
In the statement, Obateru said although the NNPC currently bears the burden of petrol subsidy, current price will be maintained at N162 until ongoing engagement with the organized labour and other stakeholders are concluded.
He said the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.
Obateru said the 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.
He warned petroleum products marketers to refrain from indiscriminate price increase or hoarding of petrol.
The spokesman also warned against panic buying, stressing that NNPC was committed to ensuring energy security.
In February, Timipre Sylva, minister of state for petroleum resources, had warned Nigerians to get ready to bear the pains of increased petrol pump price as crude oil prices climbs above $60 per barrel.
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