The Nigerian National Petroleum Company Limited (NNPCL) has taken steps to address the prevailing apprehensions regarding a potential increase in the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol.
In a statement shared on its official X (formerly Twitter) handle at approximately 11:48 pm on Monday, the national oil corporation, a key importer of petrol into Nigeria, clarified its stance on the matter. The company categorically affirmed that it has no intention of raising the pump price of petrol.
The company’s message to its valued customers read, “Dear esteemed customers, we at NNPCL Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPCL Retail stations nationwide.” NNPCL Retail is the downstream arm of NNPCL responsible for retailing refined petroleum products within the group.
It is pertinent to recall that on Sunday, oil marketers had indicated that the price of petrol might surge to a range of N680 per litre to N720 per litre in the forthcoming weeks if the dollar’s exchange rate remains within the N910 to N950 range on the parallel market. Additionally, the scarcity of foreign exchange required for importing the commodity had led to potential importers of PMS postponing their plans.
The NNPCL’s statement aims to allay public concerns and reaffirm its commitment to maintaining stable petrol prices for the benefit of its customers across the country.