NNPCL breaks silence on ‘plan’ to increase fuel to N720 per litre

The Nigerian National Petroleum Company Limited (NNPCL) has responded to widespread concerns about a potential increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. Addressing the issue on its official social media handle around 11:48 pm on Monday, the national oil firm, which is a major importer of petrol, stated that it has no intention to raise the pump price of petrol.

In the post, NNPCL Retail, the downstream subsidiary responsible for retailing refined petroleum products for the group, emphasized its commitment to providing quality products at affordable prices to its customers nationwide. The statement sought to allay fears of an imminent price hike, which had been a subject of discussion due to the recent fluctuations in exchange rates and forex scarcity.

“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.

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

This reassurance came in response to concerns raised by oil marketers that the cost of petrol could rise to between N680/litre and N720/litre in the coming weeks if the value of the Nigerian currency continued to weaken against the US dollar. These concerns were also fueled by reports of a scarcity of foreign exchange for fuel importation.

The Nigeria Labour Congress (NLC) had issued a warning that it would initiate a nationwide strike if marketers proceeded to increase petrol prices without concluding ongoing negotiations. The NLC President, Joe Ajaero, urged the federal government to address the depreciation of the naira.