No Plans For Fuel Price Hike Above N700-NNPCL

In a recent statement released via its official platform, the Nigerian National Petroleum Company Limited (NNPCL) has firmly denied any intentions to increase the pump price of petroleum above the current N617 per litre. 

The company responded to widespread speculations regarding a potential price hike, reassuring its valued customers that it remains committed to offering affordable fuel.

“We at NNPC 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 NNPC Retail Stations nationwide,” stated the NNPCL.

This announcement comes amid ongoing market fluctuations since the removal of petroleum subsidies in May.

 President Bola Tinubu’s inaugural address on May 29 marked the beginning of this policy shift. 

Following the removal of subsidies, the NNPCL directed its outlets nationwide to sell fuel within the range of N480 to N570 per litre, resulting in a significant increase in transportation fares and the prices of goods and services.

The NNPCL Group Chief Executive Officer, Mele Kyari, emphasized the impact of market forces on fuel prices, highlighting the importance of allowing the market to regulate itself. 

He explained that price adjustments would be a common occurrence as market conditions change, reflecting the principles of deregulation within the oil sector.

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