Amid escalating concerns surrounding a potential surge in the pump price of Premium Motor Spirit, commonly known as petrol, the Nigerian National Petroleum Company Limited (NNPCL), has taken a definitive stance to address the issue.
In a statement issued via its official X (formerly Twitter), on Monday, the prominent importer of petrol in Nigeria, NNPCL, sought to allay fears by affirming its commitment against any intentions to elevate the pump price of petrol.
The company’s statement read, “Dear esteemed customers, we at NNPCL 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 NNPCL Retail stations nationwide.”
NNPCL Retail, the downstream subsidiary of NNPCL, is tasked with the retailing of refined petroleum products within the group.
The pronouncement comes on the heels of oil marketers’ indications on Sunday that petrol costs could escalate to a range between N680/litre and N720/litre in the upcoming weeks, contingent upon the dollar’s trading at the parallel market within the range of N910 to N950. Market observers had underscored the potential scarcity of foreign exchange for the commodity’s imports as a contributing factor.
While the Nigerian Labour Congress (NLC), warned of an imminent nationwide strike in response to unilaterally raised petrol prices, the Federal Government was called upon by the NLC President, Joe Ajaero, to take measures to stabilize the falling value of the naira.
NNPCL spokesperson Garba-Deen Muhammad had been contacted to address the possibility of a petrol price hike as projected by marketers. Though he initially indicated his intention to revert, the company opted to respond via its X account around midnight on Monday.
In the aftermath of the removal of fuel subsidies in May, organised labour pursued strike action in response to rising goods and service prices. However, the Federal Government obtained a restraining order from the National Industrial Court to prevent such strikes.
