NNPCL rules out fuel price hike, cautions against panic buying

The Nigerian National Petroleum Company Limited (NNPCL) has ruled out an increase in the price of Premium Motor Spirit (PMS) also known as petrol.

In a statement issued on Wednesday, the company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, urged Nigerians to disregard rumours of an increase in the pump price of petrol.

He assured Nigerians that there were no plans for an upward review of the price of petrol.

There were reports that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMANL) have resolved to increase the fuel pump price to N1,200 per litre in the coming days.

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The reports added that the marketers clashed with NNPCL over the payment of subsidy.

The spokesman, however, said the company did not have any dispute with IPMAN over any subsidy payment on petrol contrary to the claim.

“Motorists nationwide are advised against engaging in panic buying as there is presently ample availability of petrol across the country,” he added.

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