NNPC Denies Imminent Fuel Price Increase, Cautions Against Unfounded Rumours
The Nigerian National Petroleum Company Limited (NNPCL) has reiterated its commitment to maintaining stable prices for premium motor spirit (PMS), commonly known as petrol, in the market. The company’s spokesperson, Olufemi Soneye, issued a statement on Thursday affirming that there are no immediate plans to increase the price of PMS.
In the statement, motorists are urged not to engage in panic buying, as there is currently an abundant supply of PMS across the country. The NNPC assures the public that any rumours suggesting an imminent price hike should be disregarded.
Earlier reports of heavy traffic gridlock and long queues at filling stations in some parts of Lagos due to difficulties in accessing fuel prompted concerns among motorists. However, Soneye dismissed these reports, stating that the NNPC does not have supply issues and that its products are readily available. He also mentioned that distribution issues in some areas have been resolved.
Regarding subsidy, the NNPC clarified that there is no complete removal of subsidy, contrary to some reports. Instead, there have been adjustments, but the company maintains that there is no immediate plan for a price increase.
The reassurance from NNPC comes amidst ongoing concerns about fuel availability and pricing, particularly in light of recent global oil market trends. The company’s stance aims to alleviate fears of fuel scarcity and price hikes, urging consumers to remain calm and avoid panic buying.
Nairametrics
