NNPC: No plans for fresh increase in fuel price

NNPC: No plans for fresh increase in fuel price

The Nigerian National Petroleum Company Limited (NNPCL) has asked Nigerians to ignore speculations about a fresh increase in the pump price of fuel.

It said it had no intention to increase the retail price of petrol.

The company said this in a statement posted on its official X (Twitter) platform  on Monday night.

The NNPCL made this known in reaction to reports in the media that the company was set to raise petrol pump price from the current N617 per litre to N720 in the coming weeks.
President of the Nigeria Labour Congress (NLC), Joe Ajaero, on Monday warned the NNPC against any fresh hike in petrol price.
However, NNPC spokesman, Muhammad Garbadeen, in a statement, said the company had no intention to increase petrol price for the third time since the removal of petrol subsidy on May 29, 2023.
He said, “Dear esteemed customers, we at NNPC Retail Value your patronage, and we do not have the intention to increase our Petrol Motor Spirit (PMS) pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail stations nationwide.”
The NNPCL in May begun adjustment of pump prices of fuel due to the removal of petroleum subsidy to allow market forces to determine prices.
President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.
The NNPCL directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.
The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.
In July, petrol pump prices rose to N617 per litre at various outlets of the NNPCL in Abuja and other parts of the country.
At the time, the NNPCL attributed the rise in the petroleum pump prices in the country to ‘market forces’.

NNPC: No plans for fresh increase in fuel price