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NNPCL denies plan to increase fuel price

The Nigerian National Petroleum Company Limited (NNPCL) has denied plans to increase the pump price of Premium Motor Spirit (PMS), also known as petrol or fuel.

The company’s management clarified this in a statement on Twitter on Friday, following widespread speculation of a price hike.

“We do not intend 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.”

The NNPCL is Nigeria’s sole importer of refined petroleum products. It has increased petrol prices twice since removing the fuel subsidy in May 2023.

Read also NNPCL fails to remit $1.9billion to Federation Account in 2021

The current pump price of petrol in Nigeria is N617 per liter. This is significantly higher than the pre-subsidy price of N184 per liter.

The removal of the petrol subsidy has been a controversial issue in Nigeria. The government has argued that the subsidy was unaffordable and that its removal would help to reduce corruption and improve efficiency in the oil sector.

However, critics of the subsidy removal say that it has placed a heavy burden on ordinary Nigerians, who are already struggling to cope with the high cost of living.

It remains to be seen whether the NNPCL will stick to its word and refrain from increasing petrol prices in the near future. However, the company’s statement will likely provide relief for Nigerians struggling to make ends meet.

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