No Plan To Increase The Price Of Petrol To N1,200 Per Litre, NNPC Assures Nigerians

No plan to increase the price of Premium Motor Spirit (petrol) to N1,200 per litre, NNPC assures Nigerians.

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

On Wednesday January 4th, there were 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.

Reacting to the reports, the Nigerian National Petroleum Company (NNPC), in a statement, assured the public that there is no imminent increase in the cost of petrol.

“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.”

Currently, petrol, which is solely imported into Nigeria by the NNPCL, sells for between N570 per litre and N650 per litre, depending on the location of purchase in Nigeria.

Recall that the Nigerian National Petroleum Company Limited (NNPCL) jerked up the pump price of PMS (petrol) from N195 per litre to as high as N577, barely 24 hours after President Tinubu announced the subsidy removal in May.

• See Also : N650 Per Litre Not Good, Petrol Should Sell For N750 Per Litre – World Bank Advises FG