The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a statement refuting rumors circulating about a potential adjustment in the pump price of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail outlets nationwide.
Chief corporate communications officer of NNPC Ltd., Mr. Olufemi Soneye, clarified in the statement that the reports claiming a price adjustment were entirely false.
The rumours stemmed from reports in certain sections of the media on Monday, suggesting a reduction in the ex-depot price of PMS from N640 to N630 for independent oil marketers. Meanwhile, NNPC Ltd. maintained its ex-depot price at N570.
It was explained that the N630 ex-depot price for independent marketers represented only a one per cent reduction, following NNPC Ltd’s decision to directly supply products to these marketers while retaining its N570 ex-depot price.
Previously, independent marketers sourced their supply from private depots, but NNPC Ltd.’s new arrangement sought to streamline distribution channels.
The perceived price adjustment prompted reactions from Nigerians, who assumed that NNPC Ltd. had reduced pump prices at their retail outlets from N617 to N570.
Soneye urged Nigerians to disregard these reports entirely, reaffirming NNPC Ltd’s commitment to maintaining the current sufficiency in petroleum products supply across all its retail stations nationwide.
