The Nigerian National Petroleum Company (NNPC) Limited has affirmed that it currently has no intentions to raise the per-liter pump price of Premium Motor Spirit (PMS), commonly known as petrol.
In a concise statement released on Monday evening, the company urged the public to dismiss rumors regarding an imminent increase in the price of this essential commodity.
Joe Ajaero, President of the Nigeria Labour Congress (NLC), cautioned NNPC Limited against implementing a fresh hike in petrol prices on Monday.
Nevertheless, Muhammad Garbadeen, the spokesperson for NNPC Limited, issued a statement confirming that the company has no plans to raise petrol prices for the third consecutive time following the removal of petrol subsidies on May 29, 2023.
“To our valued customers, here at NNPC Retail, we highly appreciate your loyalty, and we wish to clarify that we are not considering an upward adjustment in our PMS pump rates, despite the widespread speculation,” Garbadeen assured.
He further added, “We encourage you to continue enjoying our premium products at the most competitive prices available at NNPC Retail Stations nationwide.”
On Tuesday, July 18, 2023, long queues of vehicles were seen at an NNPC station as individuals waited to purchase petrol.
The removal of petrol subsidies, as announced in President Bola Tinubu’s inaugural speech on May 29, 2023, has led to ongoing challenges for Nigerians.
This decision resulted in the price per liter of petrol surging from N184 to N500. A mere two months later, the cost skyrocketed again, reaching over N617 on July 18, 2023. These drastic increases sparked resentment and critiques from citizens already grappling with economic difficulties.
Mele Kyari, the Group Chief Executive Officer of NNPC Limited, attributed the second surge in petrol prices to market dynamics.
Subsequently, transportation expenses surged, and the consequential economic ramifications rippled through food prices. In response to what they deemed “anti-people policies” of the Tinubu administration, Organised Labour staged a protest on August 2, 2023.
The unparalleled rise in petrol prices, from N184 per liter to over N600, coincided with the unification of foreign exchange rates by the Tinubu administration, coupled with escalating inflation rates.