The Nigerian National Petroleum Company Ltd. has refuted reports that Premium Motor Spirit, also referred to as petrol, could soon see a price increase.
Some drivers have recently had trouble purchasing petrol at petrol stations due to concerns that the government may raise the cost of this essential commodity.
Long lines started to reemerge at various filling stations in Lagos State as a result of the situation which caused traffic jams in some places.
However, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, cautioned Nigerians against making rash fuel purchases in a statement on Thursday.
According to the press release, “The Nigerian National Petroleum Company Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.
“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.”
Petrol pump prices increased from roughly N198/200 per liter to N617/liter after the fuel subsidy was removed. This caused local consumption to decline and caused an increase in living expenses such as food, transportation and other services.