On Wednesday, the Nigerian National Petroleum Company Limited announced that there was no intention to raise the price of Premium Motor Spirit, also known as petrol, at the pump.
Olufemi Soneye, the chief corporate communications officer of NNPCL, stated in a statement that Nigerians should reject rumours of a potential increase in petrol prices.
The oil company emphasised that it had no intention of raising the price of the product and further advised drivers to avoid participating in panic buying.
The public is reassured by NNPC Ltd. that there won’t be any immediate increases to the price of Premium Motor Spirit, also referred to as petrol.
“NNPC Ltd. assures Nigerians that there are no plans for an upward review of the PMS price and advises them to ignore baseless rumours.
“Drivers throughout the nation are cautioned against panic buying, as PMS is currently widely available nationwide.”
Following the disclosure by oil marketers that, given the price of the commodity in other regions, petrol should cost approximately N1,200 per litre if it was not being subsidised, some Nigerians had expressed fear.
However, the NNPCL emphasised that it was now recouping its whole cost for the importation of PMS into Nigeria and insisted that there was no longer any subsidy on the product. The only company that imports petrol into Nigeria is NNPCL.