The Nigerian National Petroleum Company (NNPC) Limited says it has no intention to increase the pump price of petrol, also known as premium motor spirit (PMS), at its retail outlets.
There have been speculations on social media that the company plans to raise the petrol pump price to over N700 a litre.
In a statement on Thursday, NNPC’s retail subsidiary said it values the patronage of its customers.
“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,” the statement reads.
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“Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
The national oil company had adjusted the petrol price in May 2023, following a pronouncement by President Bola Tinubu that the subsidy regime was over.
In July, the price of the commodity rose further to N617 per litre in the federal capital territory (FCT) and N568 in Lagos.
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Speaking on the issue, Mele Kyari, the group chief executive officer (GCEO) of the NNPC, blamed market forces for the price increase.
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