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NNPC issues official statement on fuel price hike

- The NNPC has issued an official statement regarding the rumors of a fuel price hike 

- NNPC Group General Manager, Public Affairs, Mr Ndu Ughammadu, said it was a false report 

- Mr Ughammadu said that rather than increase the pump price, the N1.0 increase in transporters’ allowance would be absorbed in the existing pricing template

An increase in fuel pump price from N145 will be difficult for Nigerians to swallow
An increase in fuel pump price from N145 will be difficult for Nigerians to swallow

Nigerian National Petroleum Corporation (NNPC), has reassured Nigerians that there will be no increase in fuel pump price. 

Recently, there had been an increase in the bridging allowance to transporters from N6.20 to N7.20, which gave rise to rumors that it would lead to an increase in the pump price of petrol. However, NNPC Group General Manager, Public Affairs, 

Mr Ndu Ughammadu, said in Abuja on Tuesday, April 4, that rather than increase the pump price the N1.0 increase in transporters’ allowance would be absorbed in the existing pricing template to maintain existing pump price ceiling.

Below is his statement: "NNPC wishes to assure consumers of Premium Motor Spirit, PMS, otherwise known as petrol that the review of bridging cost would not lead to increase in the price of the white product.

 "The review of the bridging allowance which enjoyed the blessing of the Honourable Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, would be absorbed in the existing products import template." He also said that the National Union of Petroleum and Natural Gas Workers (NUPENG), had suspended its nationwide strike April 3, 2017 due to the intervention of the Group Managing Director of the NNPC, 

Dr Maikanti Baru. Explaining the need for increase in transporter's allowances, Baru had stated: “We understand the difficulty of NARTO to go into negotiations with PTD which has to do with the level of bridging allowance.

 "I am happy to announce that the Honourable Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has given his approval to increase the bridging allowance from N6.20 to N7.20."

Meanwhile, some oil companies whose names appeared on the CBN list as those that accessed forex for oil activities have denied collecting such monies.

The House of Representatives has vowed to get to the root of the alleged foreign exchange manipulation involving some NNPC officials. 

While, speaker of the House of Representatives, Yakubu Dogara, says corruption cannot be totally eliminated. Yet, is this true? NAIJAFINIX. spoke to Nigerians about corruption, see what they had to say:

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