The Nigerian National Petroleum Company (NNPC) Limited has assured the public that there won’t be an immediate increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. They urged people to ignore rumors suggesting otherwise and advised motorists not to engage in panic buying since there is enough petrol available across the country. Femi Soneye, the NNPC spokesperson, emphasized that there’s presently no need for concern.
Oil marketers, however, explained on Tuesday that the subsidy on petrol might need to increase due to the fall of the Nigerian naira against the United States dollar and the rising cost of crude oil. They suggested that, in a free market, PMS could potentially sell for N1,200 per litre. Currently, the NNPC-imported petrol is sold in Nigeria at prices ranging from N617 to N660 per litre, depending on the location of purchase.
The NNPC’s statement aims to reassure the public that petrol prices won’t rise immediately, despite challenges in the economic factors affecting the cost of fuel. The call to disregard rumors and avoid panic buying emphasizes the importance of relying on accurate information.
Source: THE SUN