The Nigerian National Petroleum Company (NNPC) Limited has denied plans to increase the pump price of Premium Motor Spirit (PMS), also known as petrol or fuel.
The management of the company clarified this in a statement on X (Twitter) on Friday, following widespread speculation of a price hike.
“We do not intend to increase our PMS pump prices as widely speculated,” the statement said. “Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
The NNPC is the only company importing refined petroleum products into Nigeria. Since May 2023, when the fuel subsidy was removed, there have been two price increases for petrol.
In Nigeria, the cost of petrol at the pump is currently N617 a litre. Compared to the pre-subsidy price of N184 per litre, this is much more expensive.