He Nigerian National Petroleum Company Limited (NNPCL) He has said he has no intention of increasing the retail price of oil.
The oil firm said this in a statement posted via its official X platform on Monday night.
The NNPCL made this known in reaction to reports in the media that the company was willing to increase oil pump prices from current N617 per liter to between N720 and N750 in the coming weeks.
But in its reaction on Monday, the NNPCL said it has no intention of raising its pump prices as is widely speculated.
“Dear customers, at NNPC Retail we value your patronage and do not intend to increase the prices of our PMSs as widely speculated.
“Shop for the best quality products at the most affordable prices at our NNPC retail stations across the country,” NNPCL said.
The NNPCL had begun adjusting fuel pump prices in May due to the removal of the oil subsidy to allow market forces to determine prices.
President Bola Tinubu, in his inaugural speech on May 29, had announced the elimination of the fuel subsidy.
Following the announcement, the NNPCL ordered its outlets across the country to sell fuel between N480 and N570 per litre, an increase of almost 200 per cent from the starting price below N200.
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The hike immediately triggered an increase in transportation rates and in the prices of goods and services by several percentages.
In July, petrol pump prices were raised to N617 per liter at various NNPCL outlets in Abuja and other parts of the country.
At the time, the NNPCL attributed the rise in oil pump prices in the country to ‘market forces’.
NNPCL Group Chief Executive Mele Kyari, while speaking to reporters after a closed-door meeting with Vice President Kashim Shettima at the State House in Abuja, said that with the deregulation of the oil sector, market realities will drive up the price of gasoline. sometimes and sometimes force it down.
“We have the marketing wing of our company. They adjust prices based on market realities.
“This is really what is happening; This is the meaning of making sure that the market regulates itself so that prices go up and sometimes down as well. This is what we’ve seen and really, this is how the market works,” Kyari said at the time.
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