The Nigerian National Petroleum Company (NNPC) Limited says there are no plans to raise petrol prices anytime soon.
Olufemi Soneye, NNPC’s chief corporate communications officer, said this in a statement on Wednesday.
Soneye said there is no imminent increase in the price of petrol, also known as Premium Motor Spirit (PMS).
According to media reports, due to the depreciation of the naira and the cost of crude, petrol should sell for N1,200/litre in a free market.
Soneye said:
“The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), 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.”
NNPC also told TheCable earlier today that it has no disagreements with oil marketers over the price of PMS.
After reports that NNPC reduced subsidies rather than completely eliminating them, the oil company reiterated that there are no subsidies.
President Bola Tinubu announced that “petrol subsidy is gone” in his inauguration speech on May 29, 2023.
However, the policy’s full implementation has been called into question, with the World Bank claiming that the subsidy removal was only partial.
