The Nigerian National Petroleum Company (NNPC) Ltd. has released a brief statement assuring the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
In the statement, the corporation urges Nigerians to disregard unfounded rumours and assures 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, according to the statement.
This is in response to the news sweeping the country that the NNPCL in conjunction with other marketers is planning on increasing the pump price of fuel products in the country; amid concerns raised by independent marketers that fuel price could potentially go as high as N1200 per litre.
And unfortunately, such speculation have precipitated long queues and panic buying at fuel stations across the country. These speculations have been prompted by a number of factors including high cost of fuel cargo distribution within Nigeria and rising price of crude in international market.