On Wednesday, the Nigerian National Petroleum Company Limited announced that there was no intention to raise the price of Premium Motor Spirit, also known as gasoline, at the pump.
Olufemi Soneye, the chief corporate communications officer of NNPCL, stated in a statement that Nigerians should reject rumors of a potential increase in gas prices.
The oil corporation emphasized that it had no intention of raising the price of the product and further advised drivers to avoid participating in panic buying.
The statement read, “NNPC Ltd assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.
“NNPC Ltd urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Following the disclosure by oil marketers that, given the price of the commodity in other regions, gasoline should cost approximately N1,200 per litre if it was not being subsidized, some Nigerians had expressed alarm.
However, the NNPCL emphasized that it was now recouping its whole cost for the importation of PMS into Nigeria and asserted that there was no longer any subsidy on the fuel. The only company that imports gasoline into Nigeria is NNPCL.