NNPC Addresses Nigerians Over Reports Of Petrol Price Increase To N1,200/Litre

Eko Hot Blog reports that Nigerian National Petroleum Company (NNPC) Limited has reacted to reports that there is an imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

In a statement issued by the company’s spokesperson, Olufemi O. Soneye, on Wednesday, it said there was no plan to raise petrol price.

The NNPC’s public reaction came hours after Punch reported that the company amd fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN), on Tuesday, clashed again over the removal of subsidy on petrol.

Oil marketers told the newspaper that subsidy on petrol was increasing considering the crash of the naira against the United States dollar and the cost of crude oil, stressing that PMS should sell for N1,200/litre in a free market.

Petrol, which is solely imported into Nigeria by the NNPCL, currently sells for between N617/litre to N660/litre, depending on the location of purchase in Nigeria.

Reacting to suggestions that petrol should sell for N1,200/litre, NNPC described them as “unfounded rumours.”

The national oil company assured Nigerians that there were no plans for an upward review of the PMS price.

“The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol,” the statement reads.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.”

The NNPC advised motorists not to engage in panic buying as the country presently has enough PMS reserve.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the company added.

Meanwhile, IPMAN’s National Public Relations Officer, Ukadike Chinedu, expressed optimism that the cost of refined petroleum products would reduce as soon as the Port Harcourt and Dangote refineries start producing the commodities.

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