No plans to increase fuel price to N1,200/litre – NNPC

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No plans to increase price of fuel to N1,200/litre – NNPC

The Nigerian National Petroleum Company (NNPC) Limited and major marketers have reacted to rumours of plans to raise petrol price to N1,200 per litre.

It was reported on Wednesday that the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC over fuel subsidy.

But in a statement, NNPC spokesman, Olufemi Soneye, said, “NNPC Ltd emphasizes that it has not clashed with any party. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”

Similarly, a Vanguard report quotes Treasurer of IPMAN Board of Trustees, Chinedu Okonkwo, as saying, “It is not true that the price of petrol has been increased. Those saying so are merely speculating.”

In his inaugural speech on May 29, 2023, President Bola Tinubu declared that the subsidy era is gone.

Findings show that many stations were still selling petrol between N600 and N630 per litre in Lagos and environs.