In an intriguing development this Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) made a clear statement, emphatically denying any intentions to hike the price of Premium Motor Spirit, widely known as petrol.
Olufemi Soneye, NNPCL's Chief Corporate Communications Officer, in a rather assertive statement, called for the public to pay no heed to the swirling rumors hinting at a potential surge in petrol prices.
In a move to quell unnecessary panic, the oil giant assured motorists there was no cause for alarm or rushed purchases, emphasizing their steadfast resolve to maintain current petrol prices.
"Rest assured, the public should remain calm; there's no looming hike in the price of petrol," the statement from NNPCL read.
It went on to reaffirm, “We urge all Nigerians to dismiss baseless speculations. There's no contemplated increase in the price of PMS."
"Motorists across the nation are counseled to avoid unwarranted panic buying, as the supply of PMS is more than sufficient throughout the country.”
Recent fears among Nigerians were sparked by oil marketers' claims that petrol could potentially reach a staggering N1,200/litre if not subsidized, given its price in different parts of the world.
However, standing its ground, NNPCL declared the end of subsidies, asserting that they are now fully recovering the costs involved in importing PMS into Nigeria, with NNPCL being the nation's exclusive petrol importer.
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