On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) issued a statement dispelling rumors of an impending hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, emphasized that Nigerians should disregard such speculations and assured them that there are no immediate plans for an upward review of the PMS price.
NNPCL urged motorists across the nation not to engage in panic buying, emphasizing that there is currently an ample supply of PMS throughout the country. The oil firm’s statement aimed to address concerns and prevent unwarranted anxiety among the public.
In recent times, there have been fears among Nigerians about a potential increase in fuel prices, especially after oil marketers suggested that the unsubsidized cost of petrol could be around N1,200/litre. However, NNPCL clarified that there is no longer a subsidy on the product, and it is recovering the full cost incurred in importing PMS into Nigeria. NNPCL holds the exclusive role of being the sole importer of petrol into the country.