TheCable

The Nigerian National Petroleum Company (NNPC) Limited says it has not reviewed the prices of premium motor spirit (PMS) at depots.

The national oil company, on Sunday, took to its official Twitter page to deny claims suggesting an increment.  

The company advised the public and relevant stakeholders to disregard the information. 

“It has come to the attention of the NNPC Ltd that the Company has reviewed ex-coastal, ex-depot and NNPC Retail prices. This is not true,” NNPC tweeted. 

“It is fake news obviously concocted to cause confusion and to undermine the progressive drive of the NNPC to restore normalcy to the market.

“The general public and in particular industry operators at all levels should disregard this mischievous act of misinformation.

“NNPC Ltd remains focused and determined to reposition itself to provide value to its shareholders, while meeting its statutory obligation as provider of energy security for our country.”

The federal government had said it will impose sanctions on depot owners selling petroleum products above the approved ex-depot price.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) had also said it would not lift products for depot owners selling petrol above the official price.

Last month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had confirmed that petrol with methanol quantities above Nigeria’s specification was discovered in the supply chain.

The development led to the scarcity of the commodity as passengers waited long hours to fill up their tanks and more fuel stations shut down services. 

Meanwhile, the country has been battling the increasing price of automotive gas oil, also known as diesel.