NNPC denies fuel price increase to N1,200 per litre

The Nigerian National Petroleum Company (NNPC) Limited and marketers have denied rumours of petrol price increase to N1,200 per litre in Nigeria, describing it as speculation.

It could be recalled that on Wednesday, fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC over fuel subsidy.

However, in a statement on Wednesday night, NNPC spokesman, Olufemi Soneye, said fuel subsidy has been removed.

The statement said: “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.”

Read Also: JUST IN: FG to extend suspension of degree certificates to Uganda, Kenya, Niger, others

‘’The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol,’’ the statement said.

‘’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.’’