The Nigerian National Petroleum Company Limited (NNPCL) has addressed concerns about a potential increase in the pump price of petrol. In a statement posted on its official Twitter handle, the company reassured customers that it has no intention of raising the pump price of Premium Motor Spirit (PMS), commonly known as petrol. NNPCL emphasized its commitment to offering quality products at affordable prices through its retail stations across the country. The statement came in response to speculations about a petrol price hike due to factors such as the depreciation of the Naira and scarcity of foreign exchange for importation.
Oil marketers had earlier warned that the cost of petrol could rise to between N680/litre and N720/litre if the dollar continues to trade at a high rate in the parallel market. The Naira had crossed the N900/dollar mark recently, further fueling concerns about inflation and the potential impact on fuel prices. The NNPCL’s statement aimed to allay these fears and provide assurance to customers that petrol prices would remain stable.
The Nigeria Labour Congress (NLC) also reacted to the potential price increase, warning of a nationwide strike if marketers proceed with the hike without concluding ongoing negotiations. NLC President Joe Ajaero urged the government to address the declining value of the Naira. In the aftermath of the fuel subsidy removal earlier in the year, the organized labor had sought to protest rising prices, but the Federal Government obtained a court injunction preventing them from going on strike.
