The Nigerian National Petroleum Company (NNPC) Limited has categorically denied any plans to raise the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
In a concise statement released on Monday evening, NNPC quashed speculations of an impending hike in petrol prices and assured Nigerians of consistent pricing.
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, had cautioned against the possibility of a new petrol price increase.
However, Muhammad Garbadeen, the spokesperson for NNPC Limited, emphatically affirmed the company’s stance against increasing petrol prices. He emphasized that NNPC Retail is committed to maintaining fair pricing and urged customers to trust in their affordable and high-quality products available at NNPC Retail Stations nationwide.
The announcement comes against the backdrop of President Bola Tinubu’s decision to eliminate petrol subsidies, as revealed in his inaugural speech on May 29, 2023. Subsequent to this announcement, the price of petrol surged from N184 to N500 per litre. The escalation continued with another jump to over N617 on July 18, 2023. This rapid price increase has sparked widespread public outrage and criticism from economically burdened citizens.
Mele Kyari, the Group Chief Executive Officer of NNPC Limited, attributed the second petrol price hike to market forces. The resultant surge in transportation costs has led to cascading economic implications, particularly impacting food prices. In response to what it deems as “anti-people policies” by the Tinubu administration, Organised Labour conducted protests on August 2, 2023.
This extraordinary petrol price surge, which witnessed the rate skyrocket from N184 to over N600 per litre, unfolded simultaneously with the unification of foreign exchange rates by the Tinubu administration and a rise in inflation rates.
