The Nigerian National Petroleum Company Ltd (NNPCL) has said that there are no immediate plans for a hike in the cost of Premium Motor Spirit (PMS), commonly known as petrol
The response came amidst a report that the company clashed on Tuesday with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria over the removal of subsidy on petrol
The report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs
NNPC urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price
One of the alarming claims in the reports was the assertion that petrol prices would skyrocket to N1,200 per litre due to the cessation of under-recovery of fuel costs. This news sent shockwaves through the public, raising fears of increased transportation costs, inflation, and overall economic strain on citizens already grappling with various challenges.
In response to the growing concerns, the NNPC promptly issued a statement urging Nigerians to disregard what it referred to as unfounded rumors. The company categorically stated that there are no immediate plans for an upward review of the petrol price. This reassurance was aimed at dispelling the fears propagated by the reports and providing a sense of stability in a situation that had the potential to spark panic and economic uncertainty.
A statement by Olufemi Soneye, the chief corporate communications officer of the company, also cautioned motorists against panic-buying.
The response came amidst a report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol.
The report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.
There were reports that oil marketers claimed that subsidy on petrol had increased, following the crash of the naira against the United States dollar.
Reports quoted the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, as saying that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.
But in its reaction, earlier on Wednesday, NNPC Ltd said it did not clash with petroleum marketers over the removal of petrol subsidies.
Again in a statement Wednesday evening, the company urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.
“The Nigerian National Petroleum Company Limited (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,” Mr Soneye said in the statement.
The NNPC’s swift response to dispel rumors of an imminent petrol price hike provides a measure of relief to Nigerians. As the nation navigates economic challenges, the stability of petrol prices remains a critical factor in ensuring the well-being of the populace. Clarity in communication, transparency in policy decisions, and a commitment to economic stability are essential as the country moves forward, addressing the complexities of fuel pricing and subsidy removal.
