In an official statement released today, the Nigerian National Petroleum Company Limited (NNPCL) has emphatically declared that there are no intentions to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
Addressing concerns surrounding possible fuel price hikes, Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, urged Nigerians to dismiss rumors circulating about a potential increase in petrol prices. He emphasized that the company is committed to maintaining the current cost of the product.
The official statement from NNPCL reads,
“NNPC Ltd assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol. NNPC Ltd urges Nigerians to disregard unfounded rumors and assures them that there are no plans for an upward review of the PMS price.“
Furthermore, the oil firm appealed to motorists not to succumb to panic buying, assuring them that there is an ample supply of PMS across the country. The statement emphasized the stability of the petrol market, urging citizens to trust in the continuous availability of the commodity.
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This announcement comes amidst concerns raised by some Nigerians following revelations by oil marketers that the unsubsidized cost of petrol could be as high as N1,200 per litre, considering international market prices.
Despite these concerns, NNPCL reiterated that there is no longer a subsidy on petrol, emphasizing its efforts to recover the full cost of importing PMS into Nigeria. As the sole importer of petrol into the country, NNPCL seeks to allay fears and maintain stability in the fuel market.
