No Plans To Increase Fuel Price – NNPC Reassures Nigerians .

No Plans To Increase Fuel Price – NNPC Reassures Nigerians

 


The Nigerian National Petroleum Company Limited (NNPCL) has moved to dispel concerns and speculations about an imminent increase in fuel prices. In a statement released by its Chief Corporate Communications Officer, Olufemi Soneye, the NNPCL assures the Nigerian public that there is no plan to raise the cost of Premium Motor Spirit (PMS), commonly known as petrol.

This clarification comes in response to reports suggesting a potential hike in fuel prices, with some sources proposing a figure as high as N1,200 per litre based on market realities. The NNPCL urges Nigerians to dismiss these unfounded claims and emphasizes that there are no intentions for an upward review of the PMS price.

In the statement, the NNPCL addresses concerns related to panic buying, stating that there is currently ample availability of petroleum products across the country. Motorists nationwide are advised against engaging in panic buying as there is no impending increase in fuel prices.

Recent reports, including an article by Punch Newspaper, hinted at a disagreement between the NNPCL and fuel marketers regarding the recent fuel subsidy removal. The disagreement is occurring against the backdrop of the country's weakening currency against the US dollar in both the official Investors & Exporters Window and the parallel market.

Oil marketers interviewed by the newspaper asserted that, in a free market, PMS should be priced at N1,200 per litre, citing the rising gasoline subsidies in response to the depreciation of the naira against the US dollar and fluctuations in crude oil prices.

In light of these developments, the NNPCL's reassurance serves as a vital communication to the public, aiming to dispel rumors and maintain confidence in the stability of fuel prices. As the nation grapples with economic challenges, the NNPCL's commitment to transparency becomes crucial in addressing concerns and ensuring the uninterrupted supply of petroleum products to meet the nation's needs.

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