“Panic Buying”: NNPC Addresses Nigerians Over Alleged Imminent Increase in Petrol Price to N1,200
- The Nigerian National Petroleum Company has spoken after a report that petrol will sell for above N1,000
- This followed a report in which oil marketers said that petrol should sell for N1,200 in the free market
- According to the NNPC, there is no plan in place to increase fuel prices as there is sufficient petrol across the country
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Nigerian National Petroleum Company (NNPC) Ltd has addressed concerns on the possibility of petrol selling for over N1,000 per litre.
Source: UGC
In a notice signed by Olufemi Soneye, its chief corporate communications officer on its X account, the NNPC stated that there was no imminent increase in fuel cost.
This comes as the NNPC and Independent Petroleum Marketers Association of Nigeria (IPMAN) members clashed on Tuesday, January 2, 2024, over petrol subsidy removal.
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Oil marketers stated that the subsidy on petrol was rising following the crash of the local currency against the US dollar and the cost of crude oil, saying that petrol should sell for N1,200 in the free market.
But NNPC clarified that the positions of the experts and marketers were mere assumptions, saying that the Nigerian government had ended subsidy on petrol.
NNPC refutes the increase in fuel price
Emphasizing that there is no plan to increase fuel prices, the NNPC said there is enough fuel across the country.
It stated:
“The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
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“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Fuel scarcity looms as oil marketers stop importation, suggest new pump price, NNPCL reacts
In related news, Legit.ng reported that Nigerians could face another fuel scarcity as licenced oil marketers halted importation of petrol.
The marketers blamed the high landing cost, which is now above N1,000 per litre, exceeding the current fixed prices of N568 or N617 set by NNPC Limited.
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Source: Legit.ng
