May 22, 2024
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OIL & GAS

NNPC Dismisses Rumors of Petrol Price Increase Amidst Dollar Shortage

The Nigerian National Petroleum Corporation (NNPC) has firmly refuted any plans to raise the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in response to the shortage of dollars on the parallel market. In a statement released on its official Twitter page, NNPC clarified that it has no intention of increasing PMS prices, countering the widespread speculations.

“Dear valued customers, at NNPC Retail, we highly appreciate your loyalty. Rest assured, there are no plans to hike PMS pump prices, contrary to ongoing rumours,” the statement read.

This announcement comes in the wake of concerns voiced by oil marketers, who have suggested that the cost of PMS could surge to between N680 and N720 per litre in the forthcoming weeks if the value of the dollar continues to fluctuate between N910 and N950 on the parallel market. The potential increase has also triggered apprehension within labour unions, further intensifying the situation.

“We encourage you to continue purchasing top-quality products at the most competitive rates available at our NNPC Retail Stations located across the nation,” NNPC Limited emphasized.

The escalation in PMS prices began in early June following President Bola Ahmad Tinubu’s announcement of the fuel subsidy’s discontinuation. The initial hike, starting at N530 per litre, swiftly escalated to N617 in July, consequently leading to a surge in the prices of various other commodities nationwide.

As the debate surrounding petrol prices and currency fluctuations continues, the NNPC remains resolute in its commitment to providing reliable and affordable energy solutions for the nation.

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