The Nigerian National Petroleum Corporation (NNPC) has clarified that it has no plans to increase the pump price of petrol, contrary to widespread speculation.
In a statement on X, NNPC Retail assured its valued customers that it remains committed to offering the highest quality products at affordable prices across its retail stations nationwide.
Recent media reports suggesting a potential price hike have been fueled by concerns over the continuous devaluation of the naira. The naira recently reached an unprecedented low of N950 to the dollar in the parallel market as of Thursday.
Additionally, oil marketers have indicated that if the dollar continues to trade between N910 and N950 on the black market, the price of petrol could potentially increase to a range of N680/litre to N720/litre in the upcoming weeks.
These speculations have led to panic buying, resulting in long queues at filling stations in certain parts of Lagos. Some filling stations in the Ikorodu area temporarily suspended operations yesterday morning in anticipation of the price surge, only to resume activities in the afternoon.
