NNPCL says ‘no intention’ to increase fuel pump price

The Nigerian National Petroleum Company Limited has finally responded to the widespread worry about a potential increase in the price of Premium Motor Spirit, also known as petrol, at the pump.

The national oil corporation, a major importer of petrol into Nigeria, stated in a post on its official X (previously Twitter) account on Monday at 11:48 p.m. that it has no plans to raise the price of petrol at the pump.

“Dear esteemed customers, we at NNPCL Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

Read Also: NNPC to construct 35 CNG stations as solution to hike in fuel prices

“Please buy the best quality products at the most affordable prices at our NNPCL Retail stations nationwide,” the company stated.

The downstream NNPCL subsidiary, NNPCL Retail, retails refined petroleum products for the organisation.

In the event that the dollar stays between N910 and N950 on the parallel market, oil marketers had predicted on Sunday that the price of fuel will increase to between N680/litre and N720/litre in the upcoming weeks.

Additionally, they made hints that the lack of foreign currency needed to purchase PMS was forcing dealers who wanted to do so to postpone their plans.

The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.

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