BY – Oluwafunmilayo Ogedengbe
The Nigerian National Petroleum Company Limited has debunked reports about a potential increase in the pump price of Premium Motor Spirit, commonly known as petrol, amid growing concerns from Nigerians.
The reaction was found on NNPCL’s official X (formerly Twitter) handle.
The national oil firm and major importer of petrol into Nigeria, said it had no intention to increase the pump price of petrol.
NNPC Limited Spokesman, Muhammad Garbadeen, in a statement, said “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.”
On Monday, Joe Ajaero, the President of the Nigeria Labour Congress (NLC), issued a cautionary statement to the NNPC Limited, urging them to refrain from implementing any new petrol price increases.
“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” Garbadeen said.
Following the announcement of the potential price hike and the response from the NNPCL, Nigerians have expressed their skepticism and lack of trust in the company’s commitment to its promises and that of the present adminstration.
President Bola Tinubu had announced the removal of petrol subsidy in his inaugural speech on May 29, 2023. A decision that threw many into confusion and panic.
Following the announcement, the cost of petrol per litre increased from N184 to N500. Approximately two months later, on Tuesday, July 18, 2023, the price surged even further, surpassing N617. This sharp increase sparked anger and criticism among financially strained citizens.
Mele Kyari, the Group Chief Executive Officer of the NNPC Limited, attributed the second petrol price hike to market forces.
As a result, transportation costs skyrocketed, leading to economic repercussions felt in the form of higher food prices. On August 2, 2023, Organised Labour expressed their discontent with the “anti-people policies” of the Tinubu administration through protests.
It should be noted that on Sunday, oil marketers stated that the price of petrol could increase to between N680/litre and N720/litre in the upcoming weeks if the dollar continues to trade between N910 and N950 at the parallel market. They further mentioned that dealers intending to import PMS were facing difficulties as the scarcity of foreign exchange was hindering their plans.
