The Nigerian National Petroleum Company (NNPC) Limited says it has no plans to increase the price of Premium Motor Spirit (PMS), better known as petrol, at the pump.
In a brief statement issued late Monday night, the business asked Nigerians to avoid reports of a new price increase for the premium product.
Joe Ajaero, President of the Nigeria Labour Congress (NLC), urged the NNPC Limited on Monday against another petrol price increase.
However, NNPC Limited Spokesman Muhammad Garbadeen stated in a statement that the firm has no intention of raising the price of gasoline for the third time in a row after the termination of the subsidy on May 29, 2023.
“Dear esteemed customers, we at NNPC 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,” Garbadeen said.
There appeared to be no respite for Nigerians as President Bola Tinubu declared in his inauguration speech on May 29, 2023, the abolition of petrol subsidies.
With the news, the price of a litre of petrol increased from N184 to N500 at the pump. About two months later, on Tuesday, July 18, 2023, the price soared from N500 to over N617, sparking rage and outrage from economically stuck individuals.
Mele Kyari, Group Chief Executive Officer of NNPC Limited, blamed the second petrol price increase on market factors.
Transportation costs have now skyrocketed, with the consequent economic ramifications seen on food prices, with the Organised Labour opposing the Tinubu administration’s “anti-people policies” on August 2, 2023.
The unusual surge in petrol prices from N184 per litre to over N600 occurred in the midst of the Tinubu administration’s unification of foreign exchange rates as well as soaring inflation rates.
