The Nigerian National Petroleum Company Limited, NNPCL, has denied any plans to hike the price of Premium Motor Spirit, PMS, to around N750 per litre, as some rumours have suggested.
According to local media, the Independent Petroleum Marketers Association of Nigeria, IPMAN, had suggested that there might be a 10% rise in the cost of PMS soon.
NNPCL has denied the rumors that it plans to increase the price of petrol in a statement posted on its official Facebook page on Monday night.
“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 NNPC Retail Stations nationwide.”
The pump price of PMS has gone up twice since Nigeria’s President, Bola Tinubu, removed the fuel subsidy in his inaugural speech on May 29.
The oil marketers earlier on Sunday said that if the dollar keeps trading at N910 to N950 in the black market, the price of petrol would increase to between N680/litre and N720/litre in the next few weeks.
They also revealed that they were unable to import PMS due to the lack of foreign exchange.
The warning came a week after the naira exceeded the N900/dollar mark, with the naira trading at over 945/dollar in the black market on Friday.
Recall, Prudence Journal had earlier reported that the Nigeria Labour Congress, NLC, issued a stern warning on Monday that it would launch a nationwide strike without prior notice if petrol marketers raised the price of fuel before concluding the ongoing negotiations.
The NLC had also charged the government to look into all factors responsible for the devaluation of naira and subsequent inflation of commodities in the market.