NNPC Clarifies Fuel Price Speculations Amidst Rising Landing Costs

Amidst speculations of a potential petrol price hike following reports of an increase in the landing cost of Premium Motor Spirit (PMS), the Nigerian National Petroleum Company (NNPC) Limited has issued a statement denying any plans to raise fuel prices.

Recent reports had indicated that the landing cost of petrol had surged from N651 per litre to N720 per litre, leading to concerns about a potential spike in pump prices.

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Petroleum product depots were reported to be deserted due to foreign exchange rate fluctuations, causing product shortages and the closure of filling stations.

NNPC’s Official Statement on Fuel Price Speculations

In response to these concerns, NNPC took to X (formerly known as Twitter) to assure Nigerians that they had no intention of increasing the price of petrol. The company emphasized its commitment to providing high-quality products at affordable prices at NNPC Retail Stations across the country.

The removal of fuel subsidies earlier in the year had initially led to an increase in petrol prices, which, in turn, had a ripple effect on the cost of goods and services in Nigeria.

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