NNPC Speaks On Plan To Increase Petrol Price

The Nigerian National Petroleum Company (NNPC) Limited on Friday spoke on the plan to increase the price of petrol.

There had been reports that the landing price of the Premium Motor Spirit, popularly called petrol, jumped from N651/litre to N720/litre.

According to Punch, many petroleum products depots are currently deserted due to a lack of products caused by foreign exchange rate volatility, as the landing cost of petrol, has increased to N720/litre.

Petroleum products dealers also stated that filling stations were shutting down daily in large numbers, as it was becoming increasingly tough to run the business. They said this could lead to widespread fuel scarcity in the coming months.

The development fueled the speculations that the pump price of the petroleum product may skyrocket in the next few days.

NNPC, however, in a statement released on X (formerly known as Twitter) denied the report.

The company management stated that it has no intention to increase the price of petrol.

NNPC called on Nigerians to buy the best quality products at the most affordable prices at their stations.

The statement reads, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

“Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide.”

The removal of fuel subsidy early this year saw the price of petrol increase, a development which led to an increase in prices of commodities in the country.