The Nigerian National Petroleum Company (NNPC) Ltd. has debunked news making the rounds that there would be an increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
The NNPC also assured the general public that the fuel price would remain the same.
In a statement released by the Chief Corporate Communications Officer of NNPC Ltd., Olufemi O. Soneye in Abuja, which was shared on the NNPC’s official X account, the National Petroleum Company charged Nigerians to disregard such rumours as they were nothing but lies.
The National Petroleum Company also stated that there were no plans for an upward review of the PMS price.
The NNPC therefore advised motorists across the country against engaging in panic buying, “as there is presently ample availability of PMS across the country.”
The clarification from the NNPC followed reports that the company had clashed on Tuesday with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol.
News About Nigeria gathered that, in the report, it was stated that petrol would now be sold for N1,200 per litre due to the cessation of under-recovery of fuel costs.
Also, another report claimed that oil marketers revealed that subsidy on petrol had increased following the crash of the Naira against the United States Dollar.
The report also alleged that the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, disclosed that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.
However, reacting to the claims on Wednesday, NNPC Ltd. said it did not clash with petroleum marketers over the removal of petrol subsidies.
In another statement, the National Petroleum Company dispelled the rumours that fuel would now be sold for N1200 per liter, noting that there was no increase in PMS prices at all.
