Economy

‘Petrol subsidy continues in May’ Mele Kyari says

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari has said that there will be no increase the ex- depot price of Premium Motor Spirit, Petrol, in May.

Kyari made the announcement 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.

Recall that tanker drivers had on March 29 issued notice of industrial action citing poor remuneration and other hardship as reasons for their action. But speaking after the meeting, Kayri said: “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 businesses; we have over 20 billion litres of petrol in our custody.

“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.” He said

NewsWireNGR recalls that Kyari had last month disclosed that the current market price of had risen to N234 per litre, far above the average pump price of N163 per litre across petrol stations in the country.

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