• Wednesday, December 06, 2023
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NNPC denies hike in petrol pump price

NNPC Ltd restores production of 275

The Nigerian National Petroleum Company (NNPC) Limited has denied plans to increase the pump price of petrol on the back of FX shortage.

“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,” the state-owned oil company said on its twitter page.

“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”

This is on the backdrop of indications from oil marketers that the price of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market, leading to uproar from the labour union.

The Nigeria Labour Congress vowed to proceed with a total shutdown of the economy if there is another increase in Petrol Pump price from the existing 617 naira, which it describes as “illegal”.

Joe Ajaero, NLC President, made this known at the African Trade Union alliance meeting in Abuja, where organised labour also cautioned the government on ignoring their demands.

The pump price of the product currently stands between N570 to N600 per litre since the removal of fuel subsidy late May, 2023.