The Nigerian National Petroleum Corporation (NNPC) has denied rumors of a reported fuel price hike.
The reports had stated that the current pump price of N145 per litre was unsustainable, and that the government was considering an increase.
This was however denied by the group general manager, group public affairs division of the NNPC, Muhammad Garba-Deen.
He said to reporters: “As per this moment, there is absolutely no plan to do that and no need to do that, because we have more than enough supply; we have very robust stock of product in our custody. In addition to that, we also have long term procurement contract with our suppliers.
“The usual reason that would necessitate a review of price at the moment had been taken care of. We have long term procurement contract with our suppliers; we have more than enough supply to last us throughout the ember months and beyond.
“The statement people are referring to was made within the context of technical explanation, not within the context of downstream operations.”
He also revealed that some of the country’s refineries were now fully operational.
“The refineries had returned to production, but it has been on an on-and-off kind of thing. They are back. Port Harcourt has been producing and so is Kaduna.
“Challenges will always come, because the refineries have been working for a long time. Long term repairs are also in the making. You know about the plans to co-locate some new refineries within the existing one and upgrade these ones.
“By the time these ones are done, which would probably be by 2018, then the refineries would be producing at optimal capacity. Now it is an on and off thing, they are producing, but not to the capacity that is expected,” he concluded.