Filling station, fuel petrol subsidy

NNPC breaks silence over reported increase in petrol pump price

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that there would be no increase in the price of petrol in the near future.

Olufemi Soneye, the company’s chief corporate communications officer, also warned motorists against panic buying.

The statement came amid reports that the corporation battled with petroleum merchants under the auspices of the Independent Petroleum merchants Association of Nigeria (IPMAN) on Tuesday over the elimination of a petrol subsidy.

According to the report, petrol will now cost N1,200 per litre due to the end of fuel cost under-recovery.

Some reports said oil marketers claimed that subsidy on petrol had increased, following the crash of the naira against the United States dollar.

The reports quoted the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, as saying that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.

READ ALSO: World Bank urges FG to stop subsidy payment, increase fuel price to N750/litre

But in its reaction, earlier on Wednesday, NNPC Ltd said it did not clash with petroleum marketers over the removal of petrol subsidies.

Again in a statement Wednesday evening, the company urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.

“The Nigerian National Petroleum Company Limited (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,” Mr Soneye said in the statement.

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