In the past 48 hours, you may have heard of the rumours that oil operators are planning to increase the price of petrol to 1,200 Naira per litre. Could this be true?
A press release signed by the Chief Communications officer of the Nigerian National Petroleum Company (NNPC) Limited, Olufemi Soneye, and posted on the firm’s LinkedIn page has debunked the rumours of a petrol price increase to 1,200 Naira per litre in Nigeria, describing it as mere public speculation.
The news of an imminent hike in the pump price of petrol was widely reported on Wednesday, causing panic among motorists and commuters alike in virtually all cities across Nigeria.
Petrol Subsidy Crisis in Nigeria
On Tuesday, the Punch published a report which specifically mentioned that the NNPC Ltd. and oil marketers, under the aegis of the Independent Petroleum Marketers Association of Nigeria (PMAN), clashed over the removal of subsidy on petrol.
Per the report, this came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors and exporters (I&E) Window and the parallel market.
However, the swift response from the Nigerian National Petroleum Company (NNPC) Limited cautioned against panic buying and assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
An excerpt from the Press release reads thus: “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,” it added.
Petrol, (or PMS) is almost solely imported into Nigeria by the NNPC Limited, and currently sells for between 617 to 660 Naira per litre, depending on where you buy it in the country.
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