The Nigerian National Petroleum Company Limited (NNPCL) clarified on Wednesday that there are no intentions to raise the pump price of Premium Motor Spirit (petrol). In a statement by Olufemi Soneye, NNPCL's Chief Corporate Communications Officer, the company urged Nigerians to disregard rumors circulating about a possible increase in petrol prices.
The statement emphasized that there is no imminent plan to review the cost of Premium Motor Spirit. NNPCL assured the public that unfounded speculations should be dismissed, and there are no considerations for an upward adjustment in the PMS price.
Motorists were specifically advised against participating in panic buying, as the company assured ample availability of PMS across the country. This clarification comes in response to concerns raised by some Nigerians following statements by oil marketers suggesting that the petrol cost could reach around N1,200 per litre without subsidies, considering international prices.
Despite such concerns, NNPCL reiterated that there is no existing subsidy on petrol, emphasizing that the company is now recovering its full cost on the importation of PMS into Nigeria. As the sole importer of petrol in the country, NNPC assured the public of a stable and readily available fuel supply.
This clarification aims to dispel uncertainties and reassure Nigerians that there are no immediate plans for an increase in petrol prices, encouraging confidence in the fuel supply system.
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