The Nigerian National Petroleum Company (NNPC) Limited and fuel marketers have categorically denied circulating rumors suggesting an imminent increase in petrol prices to N1,200 per litre in Nigeria, dismissing such claims as baseless speculation.
Reports on Wednesday had suggested a disagreement between fuel marketers, particularly under the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the NNPC regarding fuel subsidy issues. However, both entities have vehemently refuted these allegations.
In a statement obtained by Vanguard, NNPC spokesman Olufemi Soneye clarified the situation, emphasizing that there was no clash between NNPC and any party. Regarding the speculated subsidy reduction, Soneye stated, “NNPC Ltd emphasizes that it has not clashed with any party. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”
Treasurer of IPMAN Board of Trustees, Chinedu Okonkwo, echoed the denial in a telephone interview with Vanguard, stating, “It is not true that the price of petrol has been increased. Those saying so are merely speculating.”
President Bola Tinubu had declared the end of the subsidy era in his inaugural speech on May 29, 2023. Despite this, checks conducted by Vanguard revealed that many fuel stations in Lagos and surrounding areas were still selling petrol within the range of N600 to N630 per litre, contradicting the rumored surge to N1,200 per litre