In response to recent media reports suggesting a potential surge in petrol prices to N1,200/litre, the Nigerian National Petroleum Company (NNPC) has moved to allay public concerns.
Chief Corporate Communications Officer Olufemi Soneye stated unequivocally on Wednesday that there are no imminent plans to increase the cost of Premium Motor Spirit (PMS), commonly known as petrol. Soneye urged Nigerians to dismiss unfounded rumors, assuring them that no upward review of PMS prices is on the horizon.
He emphasized the ample availability of petrol across the country, advising motorists against panic buying.
Additionally, NNPC addressed speculations regarding a fallout with oil marketers over PMS prices, clarifying that there is no subsidy removal but a reduction in subsidy.
This clarification comes amidst doubts surrounding the full implementation of President Bola Tinubu's announced removal of the petrol subsidy during his inauguration speech on May 29, 2023.
The World Bank has raised concerns, arguing that the subsidy removal may be partial, adding complexity to the ongoing policy discussion
Source: The Cable
