The Nigerian National Petroleum Company (NNPC) Limited has categorically denied any intention to raise the pump price of petrol (Premium Motor Spirit or PMS) at its retail outlets. This comes in response to speculations circulating on social media suggesting a possible increase to over N700 per litre.
In a statement released on Thursday, NNPC’s retail subsidiary reassured its customers, stating, “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.”
The national oil company had previously adjusted the petrol price in May 2023 following President Bola Tinubu’s announcement that the subsidy regime was over. Subsequently, in July, the price of petrol rose further to N617 per litre in the federal capital territory (FCT) and N568 in Lagos.
Mele Kyari, the Group Chief Executive Officer (GCEO) of the NNPC, attributed the price increase to market forces. The statement aims to dispel rumors and reassure customers that there is no imminent plan to raise the petrol pump price at NNPC retail outlets.
