TheCable

The Nigerian National Petroleum Company (NNPC) Limited says there is no plan to increase the price of petrol anytime soon.

In a statement on Wednesday, Olufemi Soneye, NNPC chief corporate communications officer, said there is no imminent increase in the cost of petrol, also known as Premium Motor Spirit (PMS).

Earlier today, media reports said oil marketers disclosed that petrol should sell for N1,200/litre in a free market due to the depreciation of the naira and the cost of crude.

Soneye said: “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.”

Also, earlier today, NNPC told TheCable that it has no fallout with oil marketers as regards the price of PMS.

The oil firm also reiterated that there is no subsidy after reports that NNPC reduced subsidy rather than complete removal.

In his inauguration speech on May 29, 2023, President Bola Tinubu announced that “petrol subsidy is gone”.

However, the full implementation of the policy has been mired in doubts, with the World Bank arguing that the subsidy removal was partial.