The Nigerian National Petroleum Company (NNPC) Limited has refuted claims of a possible hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. In response to speculation about a fresh increase in petrol price, NNPC released a succinct statement on Monday evening reassuring Nigerians that there are no intentions to raise the price per litre.
Joe Ajaero, President of the Nigeria Labour Congress (NLC), had earlier cautioned NNPC Limited against any potential petrol price hike. However, the NNPC Limited Spokesman, Muhammad Garbadeen, clarified the company's stance, stating that they have no plans to raise the petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.
Garbadeen addressed the public, saying, "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 announcement comes in the wake of ongoing concerns about the rising cost of fuel following President Bola Tinubu's decision to remove petrol subsidy. Since then, the price of a litre of petrol has escalated from N184 to N500, and later to over N617 on July 18, 2023, leading to public discontent and protests by Organised Labour. The price increase was attributed to market forces and was exacerbated by the unification of foreign exchange rates and rising inflation rates.
The NNPC's commitment to keeping petrol prices stable provides a temporary respite for Nigerians grappling with the economic impact of recent fuel price hikes and broader economic challenges.
Source; Channels Tv