We’re Not Running At A Loss – NNPC

We’re Not Running At A Loss – NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied reports that it was running at a loss, even as it insisted that there was no plan to increase the pump price of petrol.

The Nigerian Labour Congress had recently told the Federal Government not to test its resolve by raising the price of the PMS, popularly known as petrol.

In a statement made available to our correspondent in Abuja, NNPC’s Group General Manager in charge of Public Affairs, Mr. Ndu Ughamadu, dismissed the claims of the price hike.

He said there have been no complaints that the company is running into a loss.

Ughamadu said, “The government and the NNPC had denied rumours of petrol price increase on several occasions. There is nothing of such for now. And assuming we are incurring losses, we have not complained. We have various roles to play in the country as a supplier of last resort even when others are not supplying.

“We are not complaining, and we will continue to ensure that our refineries produce at optimum capacity and support production with imports when necessary. There is no directive from the Federal Government to increase petrol price at the moment.”

He added that marketers are still allowed access to dollars by the Central Bank of Nigeria.

“That window is still open with the NNPC. We made a plea some months ago and the Central Bank of Nigeria granted it.”

The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said there were no discussions between the government and the marketers regarding an increase in fuel price.

He said, “There is a glut in the market, so there is no way anybody will want to think of increasing prices now. The NNPC is over-importing.”

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