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NNPC Ltd.: “No Increase in Fuel Prices”

The Nigerian National Petroleum Company (NNPC) Ltd., in a recent statement, assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS).

PMS might not ring a bell. However, it is just another name for petrol or gasoline, the crude distilled products used to power internal combustion engines, mostly in vehicles and generators. In an X (formerly Twitter) post issued by the Chief Corporate Communications Officer of NNPC Ltd., Olufemi O. Soneye, Nigerians were urged to disregard rumours about increment in fuel prices.

The energy company assures the public that there are no plans for an upward review of the PMS price. Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country. There are reservations about this great news, especially due to the events leading up to the press release.

On Tuesday, Naira closed at 998/dollar at the official market, while it traded at 1,225/dollar at the black market. On the back of the falling naira and the cost of crude oil, economists and oil marketers had projected that petrol prices should jump to N1,200/litre in a free market. The underlying implication was that the PMS subsidy was increasing in recent times, and the subsidy on petroleum products was partial, not complete, as President Bola Tinubu had announced in his inaugural speech on 29 May 2023. The Nigerian National Petroleum Company (NNPC) Ltd had clarified its position in the past, stating that the subsidy had been completely removed and that it was recovering its full cost on the importation of Premium Motor Spirit by selling to the market.

Media reports, on Wednesday morning, had said NNPC clashed with oil marketers over whether the federal government was paying subsidy on petrol or otherwise. In a blunt statement shared with some news agencies, the NNPC denied having such a fallout with oil marketers. The firm referred to media reports that suggested a clash as misleading and “unfortunate”.

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