NNPCL Speaks on Reports of Fresh Fuel Price Hike

In response to recent reports and speculation surrounding an increase in fuel prices, the Nigerian National Petroleum Company Limited (NNPCL) has clarified its position, denying any fresh hike in Premium Motor Spirit (PMS) pump prices across its retail network.

Speaking to Daily Post, NNPCL spokesperson Olufemi Soneye dismissed claims that fuel prices had surged from N1,030 to N1,060 per liter in Abuja. “There is no increase in gasoline price that I am aware of,” Soneye stated, emphasizing that the state-owned oil company has not implemented any price changes.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also weighed in on the issue. Chinedu Ukadike, IPMAN spokesperson, confirmed that NNPCL’s ex-depot prices remain stable, adding, “For independent marketers, we have not observed any new price adjustments. NNPCL continues to supply us at existing rates, which are N1,040 per liter in Port Harcourt and around N990 per liter in Abuja and Lagos.”

This clarification follows an earlier statement from Dangote Group President Aliko Dangote, who expressed concerns that petroleum marketers are not fully utilizing the company’s refinery capacity, which can produce up to 500 million liters of fuel.

The latest development comes on the heels of a recent price increase on October 9, 2024, when NNPCL raised the PMS price to N1,030 per liter.