Business Post Contributor
By Bliss Okperan
The Nigerian National Petroleum Company Limited (NNPC) has waved off rumours that it was planning to increase the pump price of premium motor spirit (PMS), otherwise known as petrol.
There had been speculations that the state-owned oil company was planning to increase the price of petrol at its retail stations. It currently sells the product at N568 per litre and outside Lagos at N617 per litre.
Over the past few days, there had been queues at some petrol stations in Lagos, especially in the Alimisho area of the metropolis.
Also, most fuel stations within the area had not been selling, sparking rumours that there were plans to further raise the price to about N700 per litre.
But the NNPC has dispelled such speculations, assuring that the prices would remain stable despite the prices of crude oil going up in the global market.
“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 statement signed by NNPC Retail management said on Friday.
Nigeria removed the age-long fuel subsidy in May 2023. President Bola Tinubu announced the removal when he took over office on May 29, 2023, pushing the price of the product from N185 per litre to its current level.
Since the action, the lives of citizens have not remained the same as they have lamented the untold hardship they have to go through due to rising cost of living.
