February 28, 2024

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed speculations that it is planning to increase the price of Premium Motor Spirit (PMS) to about N750 per litre.

Inside Arewa reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) hinted a few days ago about a likely 10% increase in the price of PMS.

In an interview with Tribune Online, the IPMAN National spokesperson, Mr. Chinedu Ukadike, said “There will be a 10 percent increase because the dollar was N750, and now it is over N900. That is almost a 20% increase. If you apply this, you should be talking about N750 per litre,” says Ukadike.

Reacting to the claim, NNPCL, via a statement made available on its verified Facebook page, late Monday, refuted the speculations.

According to NNPCL, no such plan is on the table, adding that they value the patronage from esteemed Nigerians.

The statement reads, “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.”

Since President Bola Tinubu announced the removal of fuel subsidy during his inaugural speech on May 29, the pump price of PMS has increased twice. Hence, market forces are now allowed to determine prices.

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