The Nigerian National Petroleum Company (NNPC) Limited on Friday spoke on the plan to increase the price of petrol.
This statement came after reports that the landing price of the Premium Motor Spirit, popularly called petrol, jumped from ₦651/litre to ₦720/litre emerged.
Many petroleum products depots are currently deserted due to lack of products caused by foreign exchange rate volatility, as the landing cost of petrol, has increased to ₦720/litre.
Running A Business
Petroleum products dealers also stated that fuel stations were shutting down daily in large numbers, as it was becoming increasingly tough to run the business.
They said this could lead to widespread fuel scarcity in the coming months.
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The development fueled the speculations that the pump price of the petroleum product may skyrocket in the next few days.
However, the NNPC, in a statement released on X denied the report.
The company management stated that it had no intention to increase the price of petrol.
No Increase
NNPC called on Nigerians to buy the best quality products at the most affordable prices at their stations.
The statement reads: “Dear esteemed customers, we at NNPC 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 NNPC Retail Stations nationwide”.
The removal of fuel subsidy in May this year saw the price of petrol increase, a development which led to an increase in prices of commodities.
Since then, price has gone up two times, forcing commodity price increase on Nigerians whose salaries have remained same.
