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The Nigerian National Petroleum Company (NNPC) Limited has affirmed that there are no intentions to increase the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, per litre.
In a concise statement on Monday night, the company strongly advised Nigerians to dismiss any rumors about an imminent increase in the price of the premium product.
Joe Ajaero, the President of the Nigeria Labour Congress (NLC), cautioned NNPC Limited on Monday against raising petrol prices again.
However, NNPC Limited’s Spokesman, Muhammad Garbadeen, clarified in a statement that the company has no plans to raise petrol prices for the third consecutive time since the removal of petrol subsidy on May 29, 2023.
“To our valued customers, at NNPC Retail, your loyalty is deeply appreciated, and we want to assure you that we have no intentions of raising our PMS pump prices, despite the widespread speculation.”
Garbadeen emphasized, ‘Choose the finest quality products at incredibly affordable prices from our NNPC Retail Stations across the nation.'”
Nigerians found themselves facing an unrelenting challenge following President Bola Tinubu’s declaration of the removal of petrol subsidy in his inaugural address on May 29, 2023.
Following the announcement, the pump price of a liter of petrol surged dramatically, soaring from N184 to an astonishing N500. Just a mere two months later, on Tuesday, July 18, 2023, the price skyrocketed once more, reaching an exorbitant N617. This abrupt escalation incited widespread anger and invited scathing criticisms from citizens grappling with economic hardships.
Mele Kyari, the Group Chief Executive Officer of NNPC Limited, attributed the secondary surge in petrol prices to the forces at play within the market. As a consequence of these sharp price hikes, transportation costs experienced a sharp upward surge, subsequently exerting pronounced economic implications on food prices. The repercussions of these developments were profound, prompting Organised Labour to stage a protest on August 2, 2023, condemning what they termed the “anti-people policies” pursued by the Tinubu administration.
The unparalleled surge in petrol prices, escalating from N184 per liter to an astounding N600 plus, unfolded amidst the backdrop of the Tinubu administration’s move to unify foreign exchange rates, coupled with a simultaneous surge in inflation rates.
