NNPC: No Plans to Hike Petrol Pump Price 

By Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) on Wednesday said the recent increase in petrol bridging allowance to transporters from N6.20 to N7.20 per litre will not lead to an increase in the pump price of petrol from the prevailing price of N145 per litre.

A statement from the Group General Manager, Public Affairs of NNPC, Mr. Ndu Ughamadu, in Abuja stated that the Chief Operating Officer in charge of NNPC’s downstream operations, Mr. Henry Ikem-Obih, gave the assurance.

Ikem-Obih said there was no plan by the government or any of its agencies to review the pump price of petrol above N145 per litre.

He explained that the rise in the bridging cost was achieved after an adjustment was made in the “lightering expenses” from N4 to N3 per litre and the difference transferred to compensate for the cost of bridging within the same template.

According to the statement, the bridging allowance refers to the cost element built into the products pricing template to ensure a uniform price of petrol across the country, while lightering expenses involve charges for moving products to depot area from mother vessels by light vessels due to the inability of the former to berth in shallow water depth.

More to follow…