The Nigerian National Petroleum Company Limited (NNPCL) has issued a clear statement, putting to rest any speculations regarding an impending increase in the pump price of petroleum products.

This announcement was made through an official statement released via the company’s X page over the weekend.
The NNPCL responded to growing concerns within the public domain, where there had been discussions about the possibility of the company raising the current petrol pump price, which stands at N617 per litre, to a level exceeding N700 per litre.

In its statement, the NNPCL unequivocally stated that it has no intentions of implementing any of such increase in petrol pump prices.

The NNPCL had previously initiated adjustments to fuel pump prices back in May, following the removal of petroleum subsidies, allowing market forces to play a more significant role in determining fuel prices. This change in policy was in line with President Bola Tinubu’s announcement during his inaugural address on May 29th, where he declared the removal of the fuel subsidy.

The NNPCL’s latest clarification aims to reassure the public that there are no immediate plans for further price hikes and to provide stability in an already fluctuating economic environment.