Did you know what NNPC have decided about the rise of prices for petroleum? We’ve got an answer for you. Keep reading to see the answer.
To be on the same page, let us explain to you what NNPC literally states for. As the NNPC logo says, it is a Nigerian National Petroleum Corporation. This corporation is in charge of the regulation of al the oil industry of Nigeria including its price policies and activity planning.
Recently, the news broke that as if NNPC was talking about raising the price for petroleum for Nigerians. The price of oil used to be N145 per one liter. However, the sources as if quoted the news by NNPC that it will be raised again. As the managerial board explained such plans, the price that is established by the government today does not correspond the reality of the current economic situation in the country.
This sad news by NNPC was claimed to be reported from trusted sources in Abuja. The managerial board of the Corporation has organized a meeting to discuss their further actions and plans to improve the current situation with the oil in Nigeria. NNPC group speakers concluded after scheduled meeting that the price could no longer stay the same as N145 per liter; however, this is the only way for them to prevent inadequate competition on the market.
The news about a possibility of hike of the petroleum prices has raised a series of comments by prominent politicians and business people that seemed to be in high dudgeon. As these people stated, there is no chance for advance in price as this will result in people’s indignation and even protests. There will be no more peace in the state for a long time, as people cannot afford to pay the higher price.
Nevertheless, the latest news by NNPC showed that the NNPC Group will not raise the price of oil yet. The report published on the NNPC website mentioned that this decision was made based on the strong desire of the board to maintain peace in the country.
The report was presented by Ibe Kachkwu, who is the Minister of State for Petroleum. He met with the mass media to reveal their decision and make sure Nigerians have not started panicking yet. He was not the only speaker that presented the NNPC Group. The other speaker that came to meet with the journalists was Alhaji Maikanti Baru that holds a position of a Group Leading Manager of the Nigerian Petroleum Corporation, known as NNPC.
The meeting took place behind the closed door. The President Buhari as well as all the managers of the company were a part of it. It was there that the Corporation has decided to keep the price and not raise it despite the dissonance it creates with the real need to be covered.
Therefore, as of this moment, the NNPC Group confirmed that they would not let the price hike take place any time soon. They claimed to have taken everything into consideration and have agreed on leaving everything at the rate it is now. They also mentioned that the journalists could get more information at the Regulatory Agency that regulates the oil market of Nigeria.
In the meantime, the prices for the oil in the global scale raise significantly. As the G20 meets in China, the biggest oil producers, Saudi Arabia and the Russian Federation, agree on measures they are willing to take to make sure the market is not shaking. They claim they realize what can happen if the market is not stabilized right away, so they agreed on restraining the prices and using the excessive supply of petroleum wisely.
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