NNPC speaks up on adjusting petrol price to N488/litre

• The NNPC has denied any modifications to the fuel price across regions in the country
• This came after a viral report that the NNPC approved new fuel prices to a range of N488 to N557 per litre
• The fake report also stated that the highest prices will be observed at N557 and N550 per litre in the North

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian National Petroleum Company Limited disputes any changes made to its fuel pricing model.

In a phone conversation with the New Telegraph, Olufemi Soneye, the Chief Corporate Communication Officer of NNPC Ltd., stated that suggestions of a fuel price increase are "fake news."

According to him, NNPC Ltd. would have notified the public if there had been a price adjustment.

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Soneye said,

"The price adjustment report is fake news. The company would have promptly communicated to the public if there is any price adjustment.”

Fake report going viral

According to a widely circulated rumor, NNPC Ltd. has mandated that all oil marketers in Nigeria modify the retail price of premium motor spirit (PMS) to a range of N488 to N557 per liter.

The report further read,

“The order came to marketers on Wednesday, citing Management approval of the upward review of NNPC petrol pump price table for mega, standard and leased filling stations.

“Against this backdrop, a new table containing the retail prices for the different geopolitical zones in the country is set to be implemented by retail managers with immediate effect.

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“The new price schedule reveals that petrol will be sold at the highest prices in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northern Zone of Nigeria.

“It also shows that consumers in the South-East will buy at an average of N520 per litre, while the South-South Zone will get the product at N511 per litre, except in Uyo and, where petrol will now be sold at N515 per litre.

“According to the list, the South-West Zone of the country will get the product at N500 per litre, except for consumers in Lagos, who will buy at N488 per litre.”

NNPC Sends Message to Nigerians on Petrol Scarcity

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC) has assured Nigerians that it has over 1.5 billion litres of stock of premium motor spirit (PMS), also known as petrol, enough to serve the country for the next 30 days.

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This was disclosed in a statement released on X (formerly Twitter) on Tuesday, May 7, 2024, and signed by Olufemi Soneye, the company's chief corporate communications officer.

The NNPC also said that the long queues at filling stations nationwide will disappear as the supply and distribution of petrol continue to improve.

Source: Legit.ng