Nigeria national oil company denies plan to increase petrol pump price

The Nigerian National oil company, NNPCL, says it is not planning to increase the current price of petrol as widely reported across the country. The company said this to allay the fears of Nigerians who are already struggling with the surging cost of living following the removal of subsidy on petrol. Kamil Sodiq has the report from Nigeria…

The Nigerian National Petroleum Company Limited (NNPCL) has denied a viral report making the rounds in the country that there are plans to increase the pump price of petrol.

The company said this in a statement posted via its official X platform on Friday.

The national oil company had about five months ago commenced the adjustment of pump prices of fuel due to the removal of petroleum subsidy to allow market forces to determine prices.

This follows the removal of subsidy on fuel by President Bola Tinubu during his inaugural address on 29 May.

Since the end of the expensive and controversial subsidy, petrol now sells at N570 per litre, an almost 200 per cent increase from the initial price below 200 Nigerian currency.
This has since pushed up the cost of transportation and prices of goods and services by significant percentages

The oil company blamed the rise in the petroleum pump prices in Nigeria on ‘market forces.’

Mele Kyari, the NNPCL Group Chief Executive Officer said with the deregulation of the oil sector, market situations will force the price of highly demanded petroleum products up sometimes and at other instances force it down.