The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that there would be no increase in the price of Premium Motor Spirit, commonly known as petrol.
This was announced in a statement on X which was signed by the company’s chief corporate communications officer, Olufemi Soneye, as it warned motorists against panic buying.
The statement came amid reports that the corporation battled with petroleum marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria on Tuesday over the removal of petrol subsidy.
According to the report, petrol will now cost N1,200 per liter due to the end of fuel cost under-recovery.
Oil marketers reported that petrol subsidies have grown following the naira’s depreciation against the US dollar.
According to the report, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, said that petrol subsidies were increasing and that the price of the commodity in a free market should be around N1,200/liter.
Oil marketers also complained that for more than four months now, no other importer has brought in the product except the NNPC Ltd.
NNPC Ltd, on the other hand, stated earlier on Wednesday that it did not disagree with petroleum marketers about the removal of petrol subsidy.
In another statement issued Wednesday evening, the business encouraged Nigerians to reject baseless allegations and assured them that there are no plans to raise the petrol price.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) assures the public that there will be no increase in the price of Premium Motor Spirit, also known as petrol, in the near future.”
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” Mr Soneye said in the statement.
