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No intention to hike fuel price, says NNPC

Published

1 year ago

August 15, 2023

The Nigerian National Petroleum Company Limited, (NNPCL) says it has no plan to hike the pump price of Premium Motor Spirit (PMS) popularly called as petrol.

It gave the clarification amid widespread concern of a possible hike in the pump price of petrol which is currently N617/litre.

NNPC Limited Spokesman, Muhammad Garbadeen, in a statement posted via the company’s official Twitter (X) account, on Monday, said; “Dear esteemed customers, we at NNPCL 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 NNPCL Retail stations nationwide”.

Recall that oil marketers had on Sunday indicated that the cost of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, had also warned that it will embark on strike action if the NNPC Limited increases petrol price.

However, Garbadeen, said the company has no intention to increase petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.