The Nigerian National Petroleum Corporation (NNPC) says it will not increase the ex-depot price of petrol in May.

The Group Managing Director, Malam Mele Kyari, disclosed this at the end of a closed-door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO), and oil marketers in Abuja on Monday.

Ex-depot price is the amount marketers buy products from depot owners; it determines the pump price at filling stations.

Meanwhile, queues have resurfaced in most filling stations around the Federal Capital Territory.

“We want to inform oil marketing companies that NNPC will not increase the pump price of PMS in May.

“I am giving the assurance, and I ask Nigerians to go about their normal business. We have over 20 billion litres of petrol in our custody,” Mr Kyari stated.

Speaking further, he explained, “Many of you are aware of this, and with the assurance with tanker drivers and NUPENG, there is no need for panic buying of the product.

“Petrol will be available in all the depots in the country, including NNPC dispatched depot across the country, so nobody should panic in buying the product.” 

Regarding PTD’s strike, he said it was associated with NARTO’s inability to increase their compensation.

“We have given a commitment to both NARTO and PTD that we will resolve the issue within a week and come back to the table to have a total closure on the issue.

“We also have a robust engagement with our oil marketing partners in respect of increase in the volume product that is checked in the Nigerian market,” the NNPC boss pointed out.

He added, “We have agreed to work jointly with all the security agencies to contain any possible infractions seen in our borders.

“We will work as a team to curtail this fraudulent practice with the help of the security agencies.”

He further noted that the meeting also discussed payment by Petroleum Equalisation Fund (PEF) to oil marketing companies.

He said all stakeholders agreed in making petrol available to marketers.

(NAN)