Kelvin Bowoto
The Nigerian National Petroleum Company (NNPC) Ltd. has informed the public that there will be no rise in the pump price of Premium Motor Spirit (PMS), also known as petrol.
The business asked Nigerians to dismiss unsubstantiated rumors and assured them that there were no intentions to raise the PMS price.
This came as the national oil corporation explained its decision to transfer a major percentage of its earnings to the Central Bank of Nigeria (CBN), stating that it was in line with the board of directors’ directions to maintain safe obligor limits at commercial banks.
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“Motorists nationwide are advised against panic buying, as there is currently ample availability of PMS across the country,” the company’s chief corporate communications officer, Olufemi O. Soneye, said in a statement.
Mele Kyari, the group managing director of NNPC Ltd., revealed this during a meeting with the CBN’s top management team, which was led by the apex bank’s governor, Olayemi Cardoso.
He explained that the country’s largest corporation has a high degree of transaction liquidity and that the apex bank has built a digital platform for future transactions.
Techrectory with Agency Report.
