Subsidy Removal: No Plans To Increase Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has assured Nigerians that there is no plan to increase fuel price.

Giving this assurance against the backdrop of reports suggesting that fuel should be selling at ₦1,200 based on market realities, NNPCL, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, urged Nigerians to disregard unfounded claims.

The petroleum company also urged motorist nationwide to desist from panic buying, adding that there is adequate petroleum products to serve the nation.

The statement by NNPCL read, “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.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

Naija News recalls that Punch Newspaper had claimed that there is a fresh disagreement between the NNPCL and fuel marketers over the recent fuel subsidy removal.

The disagreement comes as the country’s currency continues to weaken against the dollar at both the official Investors & Exporters Window and the parallel market.

Oil marketers told the newspaper on Tuesday that PMS should sell for ₦1,200/litre in a free market and that gasoline subsidies were rising in light of the naira’s decline against the US dollar and the price of crude oil.

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