Nigerian National Petroleum Commission Limited NNPCL has refuted claims of planning to increase the pump price of petrol.
News About Nigeria reports that The NNPCL made this clarification against projections that it was planning another increase in the pump price of fuel.
In a statement made available on its official X (Twitter) page on Monday night, the NNPC said it does not have the intention of petroleum as widely speculated.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” a tweet by NNPC read.
Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide. pic.twitter.com/pL12Tvx4eA
— NNPC Limited (@nnpclimited) August 14, 2023
Recall that analysts have continued to predict an impending spike in petrol prices as the naira’s value against the dollar continues to fall. Allegedly, if the dollar continues to trade between N910 and N950 on the parallel market, the price of PMS might rise to between N680/liter and N720/liter in the coming weeks.
However, in light of the recent outlook, organised Labour has threatened to shut down the country if the price of fuel at the pump exceeds N617, the amount at which it presently sells.
NLC threatened a total, comprehensive, and lengthy nationwide shutdown if the Petrol Pump price is raised from the current price.
NLC President Joe Ajaero made the announcement on Monday at the African Trade Union Alliance gathering in Abuja, where organised labour also issued a caution against compromising the union’s goals.
Recall that President Bola Tinubu-led promptly removed the fuel subsidy after taking office, increasing the price of fuel at the pump from approximately N189 to about N480 per liter. However, the persistent decline of the naira on the foreign exchange market has continued to have an impact on petrol prices at the pump, with PMS currently selling for N617 per liter.