The Nigerian National Petroleum Company Limited (NNPCL) has said that it was not planning to increase the retail price of premium motor spirit (PMS), popularly known as petrol.
Consequently, the oil firm warned Nigerians against panic buying of the product.
The oil firm said this in a statement posted via its official X platform (formerly known as Twitter) on Monday night.
The NNPCL’s clarification was a reaction to reports in the media that the company was set to raise petrol pump prices from the current N617 per litre to between N720 and N750 in the coming weeks.
But, in its reaction on Monday, the NNPCL said it has no intention to increase its petrol pump prices as widely speculated.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our petrol motor spirit (PMS) pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” the company said.
The NNPCL had in May begun adjustment of pump prices of fuel due to the removal of petroleum subsidy to allow market forces to determine prices.
In Nigeria, the petrol pump price has been increased twice since the subsidy was removed. It moved from N185 to over N500 in May, and later to N617 in July.
The exchange rate, which reached an all-time high of N950 to $1 at the parallel market, has also witnessed significant increases.