The Nigerian National Petroleum Corporation (NNPC) has assured the general public that the official price of petrol will not be increased in July 2021.
NNPC said the official price of a liter of Premium Motor Spirit (PMS) will remain N162 next month.
According to the corporation, engagements were still ongoing with the Organized Labour on the appropriate price of petrol.
The Group Managing Director of NNPC, Mele Kyari, who spoke on Channels TV’s Sunrise Programme on Tuesday, said until the conclusion of engagement with Labour, petrol price will remain the same.
He said though the pump price of petrol should be N256 per litre based on the current crude oil price, the federal government, through the NNPC, had decided to continue paying the differential until an appropriate price is agreed upon by the government and Labour.
“What this means however is that we are taking out cash that could have been used for other things to pay under-recovery”, Kyari said.
Also, he said President Muhammadu Buhari had told the corporation to do everything legally possible not to make petrol price out of reach of Nigerians, especially at this moment.
This is as crude oil price has hit $74.72 per barrel at the international market early Tuesday.
