No Petrol Price Hike Now — NNPC GMD

The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC),  Maikanti Baru, has said the Federal Government has no plan to increase the pump price of petrol. 

It will be recalled that the Independent Petroleum Marketers Association (IPMAN) had, said plans were underway to increase the pump price of petrol above the current N145.Speaking with journalists at the pavilion of the NNPC during the on Kaduna Trade Fair on Thursday, the NNPC boss remarked that though it was not responsible for pricing but he was aware that the President had said there will be no pump increment.

Also, Baru hinted that oil exploration in Northern Nigeria will continue, saying, this will enable the NNPC do a massive appraisal of the discovery of gas reserves made in 1999 in the region.He said the corporation is working on the Kolmani River II with optimism and high expectation, this was even as he remarked that President Muhammadu Buhari had personally urged the corporation to go back to exploration on the Kolmani River II Well and drilling has been going on smoothly and that as of Thursday morning, the corporation had dug 10,075 ft deep  with a target to reach 14,270 ft exploration.

“The main purpose of this well is to start some massive appraisal of the discovery that was made way back in 1999 of some gas reserves in Kolmani River I and so far the drilling has been going on smoothly to enable exploration.

“Well, we will do the needful, if we need to probe any particular section we will take our time to do it, our target date is to see that by the end of May, we complete exploration on that particular well and move to Kolmani River III which site is almost ready for the rigs to move there and from there we move to other locations,” he said.

Earlier, the GMD in his speech at the fair said it provides an opportunity for stakeholders and long term exhibitors like NNPC to take stock of their participation through the years with a view to consolidating on areas of strength, while working on avenues for improvements.

Baru said the loss of agriculture to crude oil exploitation had retarded local industries that feed on agricultural produce as feedstock, prominent among which he said are the textiles industry as well as tanneries in the North.

On product availability, the NNPC GMD said as supplier of last resort, the corporation would continue to ensure that the nation is wet with “white products” that enable local business movements of goods and services are guaranteed.

(Nigerian Tribune)