CEM REPORT, ENERGY | The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the price of petroleum motor spirit (PMS) will increase. The National Oil Company stated that it has no intention to increase the price as speculated.
In a statement shared Friday on X, the company said it intends to retain the current retail prices of PMS commonly known as petrol, the statement was signed by NNPC Retail Management.
“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.”
Since the removal of fuel subsidy by President Bola Ahmed Tinubu’s administration the pump price of petroleum products has remained in a volatile zone with different prices at different fuelling stations, although the NNPCL has only increased its retail price twice.
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While the removal of subsidy is a welcome initiative by the present administration, labour unions have been at the throats of the government to put in place palliative to cushion the effect of the removal on average Nigerians. After a threat of a national strike, the federal government waved 7.5 per cent Value Added Tax (VAT) on Automotive Gas Oil (AGO), commonly called diesel.
The government also increased the minimum wage to thirty-five thousand naira (₦35,000) from thirty thousand naira (₦30,000), and other forms of payment to the vulnerable in the country.