Categories: Economy And Business Top Stories

NNPC Speaks On Increasing Petrol Pump Price To N1,200 Per Litre

Advertisement
Advertisement

NNPC has denied increasing Petrol Pump Price to N1,200 per litre.

 

NewsOnline Nigeria reports that the Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no imminent increase in the cost of petrol.

 

This Nigeria news platform understands that the statement by Olufemi Soneye, the chief corporate communications officer of the company, also cautioned motorists against panic-buying.

 

ALSO: CBN Slams Fresh Restriction On Cryptocurrency Transactions

 

The response came amidst a report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol.

 

The report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.

PUNCH said oil marketers claimed that subsidy on petrol had increased, following the crash of the naira against the United States dollar.

 

The report quoted the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, as saying that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.

 

But in its reaction, earlier on Wednesday, NNPC Ltd said it did not clash with petroleum marketers over the removal of petrol subsidies.

 

Again in a statement Wednesday evening, the company urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.

 

“The Nigerian National Petroleum Company Limited (NNPC Ltd) assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), 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,” Mr Soneye said in the statement.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Headline

President Tinubu Tasks Media Managers On Facts, Integrity

President Tinubu has tasked media managers on facts and integrity.   NewsOnline Nigeria reports that…

16 mins ago
  • Headline

Media Owners, Editors, Other Stakeholders Charge President Tinubu To Save Industry

Media owners, editors, and other stakeholders have charged President Tinubu with saving the industry.  …

21 mins ago
  • Exchange Rates

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 8th November 2024

The black market dollar to Naira exchange rate on Friday 8th November 2024 can be…

33 mins ago
  • Brands & Marketing
  • Tech

Why Your Business Needs Unified Data Analytics For Growth And Success

Most business leaders will agree that data analytics is a strategic necessity today. Without access…

42 mins ago
  • Brands & Marketing

FirstBank Host Fintech Summit 6.0, Launches Fintech Innovators Pitch Programme

 FirstBank, the premier West African financial institution and financial inclusion service provider is excited to…

47 mins ago
  • Crime Watch

BREAKING: Popular Catholic Priest Kidnapped In South East (PHOTOS)

A popular Catholic Priest has been kidnapped in the South East.   NewsOnline Nigeria reports…

1 day ago