On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) categorically stated that there were no intentions to raise the pump price of Premium Motor Spirit, commonly known as petrol. In a statement issued by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, Nigerians were urged to dismiss speculations regarding a possible petrol price hike. The oil company emphasized that there was no plan to increase the cost of the product and advised motorists not to succumb to panic buying.
The official statement from NNPCL read, “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 rumours and assures them that there are no plans for an upward review of the PMS price. Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Despite concerns raised by some Nigerians following statements from oil marketers suggesting that the petrol cost should be around N1,200 per litre without subsidy, NNPCL insisted that there was no subsidy on the product. The company emphasized that it was now recovering its full importation cost of PMS into Nigeria. It’s worth noting that NNPCL holds the exclusive responsibility for importing petrol into the country.