The Nigerian National Petroleum Company (NNPC) has denied plans to increase petrol prices from N617 to N720.
The NNPCL announced this on its official Twitter platform on Monday night, August 14, 2023.
This followed media reports that the company planned to increase petrol prices from N617 per litre to between N720 and N750 in the near future.
The NNPCL stated on Monday that it does not plan to raise its petrol pump prices, despite widespread speculation.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our petrol motor spirit (PMS) pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail stations nationwide,” the NNPCL said.
In May, the NNPCL began adjusting fuel pump prices in response to the removal of petroleum subsidies, enabling market forces to determine prices.
President Bola Ahmed Tinubu announced the removal of fuel subsidy in his inaugural address on 29 May.
After the announcement, the NNPCL instructed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, which represents an almost 200 percent surge compared to the original price of below N200.
The hike immediately caused an increase in transportation fares and prices of goods and services by varying percentages.
Petrol pump prices in Abuja and other parts of the country rose to N617 per litre in July at various outlets of the NNPCL.
At the time, the NNPCL attributed the rise in the petroleum pump prices in the country to ‘market forces’.
NNPCL Group CEO Mele Kyari, speaking to reporters following a private meeting with Vice President Kashim Shettima at the State House in Abuja, stated that the deregulation of the oil sector will result in fluctuating petrol prices driven by market forces.
“We have the marketing wing of our company. They adjust prices depending on the market realities.
“This is really what is happening; this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down also. This is what we have seen, and in reality, this is what (how) the market works,” Mr Kyari said at the time.
