NNPC Ltd denies adjusting Petrol price to N570 per liter

NNPC Ltd denies adjusting Petrol price to N570 per liter

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that the rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail outlets nationwide are false.

Chief Corporate Communications Officer, NNPC Ltd., Mr Olufemi Soneye, said in a statement on Wednesday that the reports were false.

It would be recalled that there were reports in some sections of the media on Monday that the ex-depot price for PMS had reduced from N640 to N630 for the independent oil marketers, while NNPC Ltd. maintained its N570 price.

The N630 new ex-depot price for independent marketers is just one per cent reduction following decision by the NNPC Ltd. to give product directly to the marketers, while maintaining its N570 ex-depot price.

This was against the former arrangement where the independent marketers get supply from private depots.

The development provoked reactions from Nigerians who assumed that NNPC Ltd. had reduced pump price at their retail outlets from N617 to N570.

Soneye, however, urged Nigerians to disregard the reports in entirety.

He reaffirmed its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.