Nigerian National Petroleum Company debunks rumour of increase in petrol pump price to N1,200 per litre

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday declared that there is no imminent increase in the cost of petrol, and advised motorists across the country against engaging in panic buying.

Penpushing reports that the Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPC), Olufemi Soneye made this clear in a statement in response to amidst report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol.

The statement emphasized that there is presently ample availability of PMS across the country, adding that Nigerian National Petroleum Company Limited (NNPC) did not clash with petroleum marketers over the removal of petrol subsidies.

Penpushing further reports that Nigerian National Petroleum Company Limited (NNPC) in the statement urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.

‘The Nigerian National Petroleum Company Limited (NNPC Ltd) assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), 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’, Soneye said

Penpushing also reports that it is recalled that a report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs, with a claim that oil marketers argued that subsidy on petrol had increased, following the crash of the naira against the United States dollar.

The report quoted the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, as saying that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.

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