NNPC denies plan to increase petrol price

The Nigerian National Petroleum Company (NNPC) Limited has denied plan to increase the pump price per litre of Premium Motor Spirit (PMS) – petrol, from the prevailing price.

The NNPCL in a statement on Monday night, refuted any plan for price hike, urging Nigerians to disregard speculations of a fresh hike in price of the premium product.

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NNPC Limited Spokesman, Muhammad Garbadeen, in a statement, declared: “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.

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“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”

The Organised Labour had on Monday threatened to embark on total strike across the country if the federal government further increase the pump price of petrol.

President Bola Tinubu had on assumption of office announced immediate removal of subsidy.
The pump price of a litre of petrol was suddenly increased from N184 to N450, in less than two months, the pump price per liter was increased to N500 and subsequently N617.

The Group Chief Executive Officer of the NNPC Limited, Mele Kyari, had claimed that the second petrol price regime was caused by market forces, denying any official price increase.

In August, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had revealed that the pump price of petrol could be further increased to over N700 per litre, citing the prevailing exchange rate in the country.

The consequence of the price increase has been sharp rise in the price of service and products in the country.

The Nigeria Labour Congress (NLC) responded without delay, warning of utmost resistance and mass national protest against further increase of the pump price of petrol.