The Nigerian National Petroleum Company (NNPC) Ltd. has assured the Nigerian public that there is no imminent plan to increase the cost of Premium Motor Spirit (PMS), commonly known as petrol.
The Herald recalls that reports emanated on Wednesday that oil marketers believe that the true market value of the product should be above N1,000 per litre and not between N568 per litre and N660 per litre it is being dispensed at the moment.
They argued that the volatility of crude oil prices in the global market and the weakening of the Naira to the United States Dollar in the foreign exchange (FX) have made it impossible for them to break-even at the price fuel is being sold to consumers in Nigeria now.
The marketers claimed the federal government was still paying subsidy on petrol for Nigerians to purchase the product at N568 per litre.
The development sparked reactions among Nigerians, with some accusing the government of not being sincere with the subsidy regime, which President Bola Tinubu said was a thing of the past when he assumed office on May 29, 2023.
Reacting to the issue via a statement on Wednesday night and signed by Chief Corporate Communications Officer Olufemi O. Soneye, NNPC said “there are no plans for an upward review of the PMS price,” urging Nigerians to “disregard unfounded rumours.”
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the statement added.
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