Oyogist has learned that the management of Nigerian National Petroleum Corporation (NNPC) has said there will be no increase in the official price of Premium Motor Spirit (PMS) in July.
The Group Managing Director (GMD) of NNPC, Malam Mele Kyari Disclosed this in an interview with newsmen Earlier today.
He said the price of petrol will remain constant pending the conclusion of negotiation with organized labour.
Kyari who disclosed that the pump price of petrol should be N256 per litre based on the current crude oil price, revealed that 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.
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.
The NNPC GMD added; “What this means however is that we are taking out cash that could have been used for other things to pay under-recovery.”
