We have no plans to increase petrol price, says NNPC

The Nigerian National Petroleum Company (NNPC) Limited says there is no imminent increase in the cost of premium motor spirit (PMS), also known as petrol.

NNPC gave the assurance in a statement on Thursday by Femi Soneye, NNPC spokesperson.

The national oil company told Nigerians to disregard ‘unfounded rumours’, reassuring them that there are no plans for an upward review of the petrol price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” NNPC said. 

Meanwhile, NNPC, on February 7, 2024, announced the successful commencement of oil production from the Akpo West field, in Port Harcourt, Rivers state.

“This will be followed up by the production of about 4 million cubic meters of gas per day by 2028,” Soneye said. 

“The development of Akpo West which is on Petroleum Mining Lease (PML) 2 (formerly OML 130) leverages the existing Akpo Floating Production Storage and Offloading (FPSO) facility via a subsea tie-back to keep costs low and minimises greenhouse gas emissions.”

The achievement, Soneye said, was enabled by the strategic leadership of Mele Kyari, NNPC group chief executive officer (GCEO), and the upstream directorate of the company, adding that their backing played no small role in propelling the operators to actualise the short- and mid-term hydrocarbon production goals of the President Bola Tinubu administration.