NNPCL Breaks Silence on Proposed Fuel Price Increase to 720 Naira

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Clarifies: No Plans to Increase Petrol Pump Price Amidst Market Concerns.

In response to mounting speculation about a potential increase in the pump price of Premium Motor Spirit (), commonly referred to as petrol, the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement assuring consumers that there are no intentions to raise prices.

In a late-night post on its official X (formerly Twitter) handle at 11:48 pm on Monday, the national oil firm, which plays a pivotal role in importing petrol into Nigeria, affirmed its commitment to its customers.

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“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,” the company asserted.

Emphasizing its dedication to delivering quality products at affordable prices, the NNPCL Retail, a downstream subsidiary of NNPCL, encourages consumers to visit their retail stations nationwide for their fuel needs.

Read Also :Naira’s Decline to Nears N1000/$1 Raises Concerns Amidst Ongoing CBN Probe

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This announcement comes on the heels of recent concerns voiced by oil marketers who projected a potential increase in petrol prices to between N680/litre and N720/litre.

The market fears have been attributed to the weakening value of the local currency against the dollar, with the naira trading at over 945/dollar at the parallel market.

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The scarcity of foreign exchange further complicates matters, hindering the plans of dealers seeking to import PMS.

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The ’s Importers and Exporters’ official window for foreign exchange, which offers a lower exchange rate, reportedly remains illiquid and unable to provide the necessary funds for the importation of PMS.

Also Read :“Tinubu Directs NNPCL to Finish 350MW Power Plant within Three Years”

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Responding to these concerns, the NNPCL’s spokesperson, Garba-Deen Muhammad, had initially promised to ascertain the firm’s stance.

However, instead of a direct response, the company addressed the issue on X, reaffirming its commitment to stable prices.

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Amidst these uncertainties, the Nigeria Labour Congress () issued a warning that it would initiate a nationwide strike without formal notice should marketers increase the pump price of petrol without concluding ongoing negotiations.

The NLC President, Joe Ajaero, urged the Federal Government to take action to prevent the further depreciation of the naira.

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Pay Attention To :Nigerians Should Brace Themselves for New Price Regime as FG Proposes N720 Fuel Price

The current situation echoes the aftermath of the fuel subsidy removal in May, during which organized labor attempted to stage a strike over rising prices of goods and services. The Federal Government obtained an injunction from the National Industrial Court to halt the strike action.

As the debate surrounding petrol prices continues, the NNPCL’s assurance offers a glimmer of stability for consumers who rely on the essential fuel for their daily needs.

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