NNPC Warns Against Panic Buying, Says No Plan To Increase The Price Of Petrol

Nigerian National Petroleum Company (NNPC) warns against panic buying, says no plan to increase the price of petrol.

Nigerian motorists have resulted to panic buying amid reports of imminent increase in the cost of petrol.

Petrol currently sells for between N570/litre and N660/litre, depending on the location of purchase in Nigeria.

The Nigerian National Petroleum Company (NNPC) Ltd. has again assured the public that there is no plan to increase the cost of Premium Motor Spirit (PMS), commonly known as petrol.

In a statement on Thursday, NNPC advised against engaging in panic buying, adding that there are ample availability of petrol across the country.

“The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

Since last week, Nigerian motorists have resulted to panic buying amid reports of imminent increase in the cost of petrol, which currently sells for between N570/litre and N660/litre, depending on the location of purchase in Nigeria.

Earlier this year, there were also reports that oil marketers are fighting to increase the price of petrol to N1,200 per litre in a free market due to the crash of the naira against the dollar.

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