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•Warns against panic buying
The Nigerian National Petroleum Company (NNPC) Limited has assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), also called petrol, advising Nigerians to disregard what it termed unfounded rumours stating otherwise.
It also said there were no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country”, its Spokesman, Femi Soneye said in a statement.
His clarification follows reports that the NNPC Limited and oil marketers were at loggerheads over the need to jack up petrol pump price to reflect current market realities.
Oil marketers on Tuesday explained that subsidy on petrol was increasing considering the crash of the naira against the United States dollar and the cost of crude oil, stressing that PMS should sell for N1,200/litre in a free market.
Petrol, which is solely imported into Nigeria by the NNPCL, currently sells for between N617/litre to N660/litre, depending on the location of purchase in Nigeria.
