The Nigerian National Petroleum Company (NNPC) Limited has reacted to reports that it plans to increase the price of petrol to N1,200 per litre.
Reports on Wednesday emerged that NNPC will announce a new increase in the price of fuel across the country.
Oil marketers on Tuesday stated that subsidy on petrol was increasing considering the crash of the naira against the United States dollar and the cost of crude oil, stressing that PMS should sell for N1,200/litre in a free market.
But reacting to the report which has generated mixed reactions, NNPC said there are no plans to hike the price of fuel.
The statement which was signed by the NNPC, Group Communications, Officer, Olufemi Soneye read, “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate.
“The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed.”
Petrol, which is solely imported into Nigeria by the NNPCL, currently sells for between N617/litre to N660/litre, depending on the location of purchase in Nigeria.
