The Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no imminent increase in the cost of petrol. A statement by the chief corporate communications officer of the company, Olufemi Soneye also cautioned motorists against panic-buying.
The response came amidst a report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol. The report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.
In its reaction, NNPC urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.
