Presidential Statement Addresses Speculated Petrol Price Increase

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By Daniel Edu

The Presidency has moved to reassure the Nigerian public that there are no intentions to raise the costs of petroleum products at the pump.

In a conversation with State House correspondents in Abuja on Tuesday, the Presidential Spokesman, Ajuri Ngelale, firmly conveyed this stance.

Ngelale’s statement came in response to circulating claims on social media regarding potential plans to elevate the current petrol price of N617 per litre to a range between N720 and N750.

Last Friday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) suggested the possibility of the pump price for Premium Motor Spirit (PMS) reaching around N750 per litre. Chinedu Ukadike, the National spokesperson for IPMAN, acknowledged that the ex-depot price set by the Nigerian National Petroleum Corporation Limited (NNPCL) currently stands at N587.7. Ukadike also indicated that if the NNPCL alters its pricing, other fuel marketers might follow suit.

Nevertheless, the Nigerian National Petroleum Corporation Limited (NNPCL) has categorically denied the circulating speculations about an impending petrol price increase.

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