The Nigerian National Petroleum Company Limited (NNPCL) has denied widespread reports that it is planning to increase pump price of petrol, otherwise known as Premium Motor Spirit (PMS).
Describing the reports as unfounded lies meant to cause panic in the polity, the company urged Nigerians to disregard the rumours as there are no plans whatsoever to increase the price of petrol.
The reaction from NNPCL was necessitated following a report that the landing cost of the product at official depots has risen to N720, from the previous price of N651 per litre in August, which led to speculations that this could force a price hike.
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The uncertainty also forced consumers to engage in panic buying against the anticipated price increase.
In a statement posted on Friday on its official X handle, the management of the NNPCL urged Nigerians to disregard the rumoured price hike.
“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,” the statement said.
“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” it added.