The Nigerian National Petroleum Company Limited (NNPCL) has reassured the public that there are no immediate plans to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol. In a statement issued on Wednesday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, urged Nigerians to disregard rumors suggesting a possible hike in petrol prices.
The oil firm emphasized that there is no imminent review of the PMS price, and motorists across the country are advised against engaging in panic buying. NNPCL assured the public that there is ample availability of petrol nationwide, and consumers should not be swayed by unfounded speculations.
The statement by NNPCL comes in response to concerns raised by some Nigerians following statements by oil marketers indicating that the cost of petrol could be around N1,200 per liter without subsidies. The oil company clarified that there is no longer a subsidy on petrol, highlighting that it is now recovering the full cost of importing PMS into Nigeria. NNPCL functions as the sole importer of petrol into the country.
The assurance from NNPCL aims to allay fears and prevent panic buying among consumers. The statement serves as a confirmation of the oil company’s commitment to maintaining stability in petrol prices and ensuring an adequate supply of the product across the nation.
