The Nigeria National Petroleum Company Limited(NNPCL) on Monday has reacted to a report of planned increment of the price of Premium Motor Spirit popularly known as petrol.
Reports had emerged saying there are fresh plans to raise the price of petrol from the current N617 per litre to between N720 and N750 per liter following the continued free fall of naira against the dollar.
But NNPC in a statement to its customers on Monday night debunked the report.
It urged customers to disregard the speculations being made in some Newspapers about the planned fuel hike.
It said, “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.”
The NNPC GCEO, Mele Kyari had during a chat with State House Correspondents on Tuesday shortly after a meeting with the Vice President, Kashim Shettima, at the Presidential Villa Abuja explained that the increase in fuel price last month was due to the forces of demand and supply.
According to him, the current price reflected the market realities as the price of the product could either increase or decrease.
He said, “We have the marketing wing of our company. They adjust prices depending on the market realities. This is really what is happening; this is the meaning of making sure that market regulate itself so that prices will go up and sometimes they will come down also. This is what we have seen and in reality this is what the market works.
“There is no supply issue completely. When you go to the market, you buy the product; you come to the market you sell it the prevailing market prices. Nothing to do with supply. We don’t have supply issues. There is robust supply. We have over 32 days of supply in the country
