The Nigerian National Petroleum Corporation, NNPC, on Monday, dismissed reports that the pump price of Premium Motor Spirit, also known as petrol, had been reduced to N57 per litre. In a statement issued in Abuja, the report has been described as false and that the price of petrol remains N87 per litre.
Ibe Kachikwu, Group Managing Director of the NNPC, has promised to work with other relevant Federal Government agencies to ensure the quick payment of the outstanding subsidy claims to oil marketers. In the interim, Kachikwu promised to arrange for a meeting with the relevant creditors (bankers) to ease off pressure on marketers and extend the credit lines. He added that several financing mechanism are being explored to offset the commitment to oil marketers. He also said a monthly payment plan could be considered, stating that the Federal Government might, in the future, explore some creative means to prevent backlogs.