The Nigerian National Petroleum Company Limited (NNPCL) has categorically denied any intention to increase the pump price of petroleum, putting an end to speculation that petrol prices would soar beyond the current N617 per litre.
The oil company addressed these rumors in an official statement released via its official X platform on Friday, reassuring the public of its stance.
In response to the swirling speculations, the NNPCL emphasized its commitment to its customers and affirmed that it has no plans to raise petrol pump prices, contrary to widespread beliefs.
“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,” stated the NNPCL.
It’s worth noting that the NNPCL had initiated adjustments to pump prices of fuel back in May. This move came in response to the removal of petroleum subsidies, allowing market forces to dictate prices. President Bola Tinubu, in his inaugural address on May 29th, had announced the removal of fuel subsidies, ushering in a new era of market-driven petrol prices.
