The Nigerian National Petroleum Company Limited (NNPCL) has addressed concerns about a potential increase in the pump price of petrol. In a recent statement on its official social media account, NNPCL assured customers that it has no intention to raise petrol prices. The national oil firm, a significant petrol importer, emphasized its commitment to providing quality products at affordable rates across its retail stations.
Oil marketers had previously suggested that petrol prices could rise to N680/litre to N720/litre due to a weakening local currency and a scarcity of foreign exchange. They mentioned that the Central Bank of Nigeria’s official foreign exchange window for importers remained illiquid, hindering the required funds for petrol importation.
The Nigeria Labour Congress (NLC) also weighed in, warning of a nationwide strike if petrol prices increased without completing ongoing negotiations. NLC President Joe Ajaero called on the government to address the declining value of the naira.
While there were speculations about a potential petrol price hike, NNPCL’s statement assures consumers that such plans are not in place. This announcement follows a period of economic uncertainty and discussions surrounding petrol prices in Nigeria.