In response to widespread speculations, the Nigerian National Petroleum Company (NNPC) Limited and fuel marketers have refuted claims of an imminent petrol price increase to N1,200 per litre in Nigeria.
Reports earlier this week suggested a clash between fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN), and NNPC concerning fuel subsidy.
In a statement, NNPC’s spokesperson, Olufemi Soneye, clarified that the alleged clash did not occur and emphasized that the fuel subsidy has been completely removed.
Soneye stated, “NNPC Ltd emphasizes that it has not clashed with any party. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”
Chinedu Okonkwo, Treasurer of IPMAN’s Board of Trustees, echoed this denial, asserting, “It is not true that the price of petrol has been increased. Those saying so are merely speculating.”
President Bola Tinubu had already declared the end of the subsidy era in his inaugural speech on May 29, 2023.
Despite these assurances, various fuel stations in Lagos and surrounding areas continued to sell petrol at prices ranging from N600 to N630 per litre.
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