February 24, 2024
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“No Increase in PMS Prices” – Nigeria’s NNPC Assures

The Nigerian National Petroleum Company (NNPC) Ltd., Nigeria’s state-owned oil firm has assured that there is no increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

In a statement shared on its X handle on Wednesday and signed by its Chief Corporate Communications Officer Olufemi O. Soneye, the NNPC urged Nigerians to disregard what it described as unfounded rumours going round.

The firm stressed that there were no plans for an upward review of the PMS price.

NNPC advised motorists not to engage in panic buying, as there is ample availability of PMS across the country.

This followed the rumour, especially on social media handles that petrol marketers are planning to hike the pump price of petrol to N1,200 per litre.

Nigeria is Africa’s major oil exporter with a production of about 1.5 bpd. However, it is battling with an imminent hike on the product after the removal of the subsidies on May 2023, now selling at N675/litre in most stations.

 

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