The Nigerian National Petroleum Corporation (NNPC) has said it is not empowered statutorily to tinker with the pricing template of petroleum products as erroneously reported in some national dailies.
In a press statement on Monday, NNPC stated that the price adjustment in its downstream facilities from N141 to N145 per litre is still within the price band of N135 and N145 per litre approved on 11th May, 2016 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the statutory body in charge of petroleum products pricing.
The Corporation assured marketers and motorists of its readiness to continue to play its statutory role of being the supplier of last resort and ensuring energy security for the nation.
The NNPC further confirmed the availability of over 1.6 billion litres of PMS in-country that would last 45 days consumption.
The NNPC said there was no time its Management met the President to push for a hike in the pump price of petrol to N150 per litre.
It advised journalists to always cross check their facts before going to press.