In a bid to dispel growing concerns over potential fuel price hikes, the Nigerian National Petroleum Company Limited (NNPCL) has emphatically assured the public that there are no immediate plans to increase the cost of Premium Motor Spirit (PMS), popularly known as petrol.
The reassurance comes in response to recent reports suggesting a possible surge in fuel prices to N1,200, based on market realities.
Addressing the issue, Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, issued a statement urging Nigerians to dismiss unfounded claims and rumors surrounding an impending price hike. The statement read, “NNPC Ltd. assures the public that there is no imminent increase in the cost of PMS and urges Nigerians to disregard unfounded rumors. Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Amidst a backdrop of reported disagreements between NNPCL and fuel marketers over the recent removal of fuel subsidies, concerns have heightened as the country’s currency continues to weaken against the dollar in both the official Investors & Exporters Window and the parallel market. Oil marketers, citing the depreciation of the naira against the US dollar and fluctuations in crude oil prices, have suggested a potential market-driven increase to N1,200 per liter for PMS.
NNPCL, however, stands firm in its commitment to stable fuel prices and has called on motorists nationwide to refrain from panic buying, assuring them of the current abundance of petroleum products to meet the nation’s demand. As the country navigates economic challenges, the petroleum company emphasizes its dedication to providing reliable and affordable fuel for the benefit of the Nigerian populace.
