As panic buying and anxiety over a possible increase in the prices of Premium Motor Spirit (PMS) otherwise known as petrol is happening across the country, the Nigerian National Petroleum Company (NNPC) Ltd on Thursday assured the public that no imminent hike is being contemplated.
Hopes that $20b Dangote Refinery will commence lifting of petrol by last January and thus augment distribution and bring down the price is yet to be realised as uptill now, the refinery has not commenced lifting and distribution of petrol despite earlier pronuncement.
The Company enjoined the public and motorists to disregard such rumours and desist from panic buying.
A statement by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd. in Abuja reads; “The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are 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.”
The price of petrol increased year-on-year, YoY, by 226.75 per cent to N626.21 per litre in September 2023, from N191.65 per litre, recorded in the corresponding period of 2022.
The Authority gathered that delays in government regulations are parts of cause of the reason why the Dangote $20b plant is yet to walk its earlier talks.
Aliko Dangote, chairman of Dangote Group, was quoted as saying that his refinery would start production with 350,000 barrels a day.
