&w=64&q=75)
Contrary to speculations that the pump price of petroleum would soon increase from ₦617 to N700, the retail arm of the Nigeria National Petroleum Company Limited says it has no plan to increase petrol price.
In a statement posted on its verified X page, formerly Twitter, on Monday, August 14, 2023, the NNPC advised its customers to ignore the speculations.
The statement reads, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
The oil company issued the statement hours after the Nigeria Labour Congress threatened to embark on a total and comprehensive nationwide strike if petrol prices rise again.
The president of the union, Joe Ajaero issued the warning on Monday at the African Trade Union alliance meeting in Abuja.
Meanwhile, the speculated increase in the price of petroleum according to oil marketers is attributable to the naira/dollar exchange rate, which inches toward ₦1000/$1.
The marketers had recently argued that the pump price of petrol would rise to ₦720/litre in the coming weeks if the dollar continue to trade from ₦910 to ₦950 at the parallel market.
The forex crisis according to the oil marketers has forced dealers seeking to import petrol into the country to stay put due to the scarcity of foreign exchange to import the commodity.