The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it does not intend to increase the pump price of petrol as widely speculated.
There have been media reports projecting a price increase of the product due to the incessant devaluation of the naira which, as at Thursday, traded at an all-time low of N950 to the dollar at the parallel market.
On Monday, oil marketers reportedly indicated that the price of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the black market.
The price speculations have however led to panic buying as huge queues have resurfaced in filling stations in some parts of Lagos State
Amidst the reports, the NNPC via X wrote:
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”