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NNPC assures no more fuel price increase

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NNPC assures no more fuel price increase

The Nigerian National Petroleum Company (NNPC) Limited has categorically stated that it has no intention to raise the pump price of Premium Motor Spirit (PMS), popularly known as petrol.

In a concise statement released on Monday night, the company urged Nigerians to disregard speculations about an impending increase in the price of petrol.

READ ALSO: Fuel price rises to N617 per litre

READ ALSO: Nigerians react as fuel price increases to N617 per litre

Joe Ajaero, the President of the Nigeria Labour Congress (NLC), had previously cautioned the NNPC Limited against any upward adjustment in petrol prices.

However, Muhammad Garbadeen, the Spokesman for NNPC Limited, clarified in a statement that the company has no plans to raise the price of petrol for the third consecutive time since the removal of petrol subsidy on May 29, 2023.

“Dear esteemed customers, we highly value your patronage, and we want to affirm that we have no intention to increase the pump prices of PMS as widely speculated. Please continue to purchase the best quality products at affordable prices from our NNPC Retail Stations across the nation,” stated Garbadeen.

It should be noted that on the day of his inauguration, President Tinubu announced the removal of fuel subsidies, leading to an initial increase in petrol prices from N184 to N500 per litre. Two months later, the price surged from N500 to over N617 on July 18, 2023, causing frustration and drawing criticism from economically strained citizens.

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, attributed the second increase in petrol prices to market forces.

This unprecedented hike occurred alongside the unification of foreign exchange rates and the rise in inflation rates. Nonetheless, the NNPC seeks to assure Nigerians that there are presently no plans for further increases in fuel prices.

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