No petrol price increase in May, says NNPC

The Nigerian National Petroleum Corporation (NNPC) says there will be no increase in the ex-depot price of premium motor spirit, better known as petrol, in May.

The ex-depot price is the price at which depot owners sell the product to retailers, it is fixed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC.

Mele Kyari, group managing director of NNPC, disclosed the corporation’s decision not to increase the ex-depot price at a media briefing on Monday.

“Also, the GMD announced that there would be no increase in the ex-depot price of Premium Motor Spirit (PMS) in the month of May 2021,” NNPC said in a tweet.

On March 26, the NNPC said it will maintain the current ex-depot price of petrol until the end of negotiations with organised labour.

Kyari also announced the suspension of the planned strike of the Petrol Tanker Drivers (PTD) until closure of discussion between the association and the National Association of Road Transport Owners (NARTO).

The petrol tanker drivers are demanding an increase in compensation from their employers.

The dispute between the two parties had reached an impasse before the intervention of the NNPC.

“The strike of the Petrol Tanker Drivers (PTD) is associated with the inability of their employers, NARTO, to increase their compensation,” the NNPC GMD said.

“We were not able to resolve this last week but we have committed to resolve the underlying issues between NARTO and PTD within a week.

“We will come back and have a total closure of the dispute, both in terms of government responsibility and the responsibility of the owners of the trucks to the petroleum tanker drivers.”

VIDEO:

GMD Mallam @MKKyari: "We have given our commitment to both NARTO and PTD that we will resolve the underlining issue between them and come back to the table within a week so that we'll have a total closure of the dispute." pic.twitter.com/Twingm40Cd

— NNPC Limited (@nnpclimited) April 19, 2021

#BREAKING:

Following GMD #NNPC Mallam @MKKyari's intervention in the National Association of Road Transport Owners (NARTO)/Petroleum Tanker Drivers (PTD) impasse, PTD has just announced the suspension of its planned strike until closure of discussion between both parties. pic.twitter.com/yNNSJCuMVB

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— NNPC Limited (@nnpclimited) April 19, 2021