The Nigerian National Petroleum Company (NNPC) Limited has stated that it does not intend to raise the pump price of petrol, as has been widely believed.
The national oil company (NNPC) made the announcement on its official X account.
NNPC said “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.”
Last week, media reports predicted a price hike on the product’s pump due to the naira’s ongoing depreciation, which, as of Thursday, was trading at an all-time low of ₦950 to the dollar in the parallel market.
Also on Monday, oil marketers reportedly stated that if the dollar continues to trade between ₦910 and ₦950 on the black market, the price of petrol will rise to between ₦680 and ₦720 per litre in the coming weeks.
BizWatch Nigeria reports that long queues were noticed at different filling stations on Monday night in Lagos State, this could be caused by panic buying or an increase in demand for fuel.
