NNPC Denies Plan to Sell Petrol at N1,200 Per Litre

January 3, 2024
NNPC guarantee energy security

By Modupe Gbadeyanka

Nigerians have been asked to disregards reports that there are plans to increase the price of premium motor spirit (PMS), commonly known as petrol, to about N1,200 per litre across the country.

Reports emanated on Wednesday that oil marketers believe that the true market value of the product should be above N1,000 per litre and not between N568 per litre and N660 per litre it is being dispensed at the moment.

They argued that the volatility of crude oil prices in the global market and the weakening of the Naira to the United States Dollar in the foreign exchange (FX) have made it impossible for them to break-even at the price fuel is being sold to consumers in Nigeria now.

The marketers claimed the federal government was still paying subsidy on petrol for Nigerians to purchase the product at N568 per litre.

The development sparked reactions among Nigerians today, with some accusing the government of not being sincere with the subsidy regime, which President Bola Tinubu said was a thing of the past when he assumed office on May 29, 2023.

Reacting to the issue via a statement on Wednesday night, the NNPC said “there are no plans for an upward review of the PMS price,” urging Nigerians to “disregard unfounded rumours.”

The state-oil firm appealed to consumers not to engage in panic buying, assuring in the statement signed by its Chief Corporate Communications Officer, Mr Olufemi Soneye, that “there is presently ample availability of PMS across the country.”

“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,” the disclosure issued in Abuja stated.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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