NNPC Denies Imminent Fuel Price Hike, Urges Nigerians to Shun Panic Buying


Fuel Subsidy NNPC NLC

The Nigerian National Petroleum Company Limited (NNPC) on Thursday, dismissed rumors of an impending increase in the price of petrol, commonly known as Premium Motor Spirit (PMS).

In a statement issued today, the company’s Chief Corporate Communications Officer, Olufemi Soneye, urged Nigerians to disregard “unfounded rumours” and assured them that there are “no plans for an upward review of the PMS price.”

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The statement comes amid recent speculation and anxiety surrounding a potential fuel price hike. Some media outlets and online sources had reported that oil marketers were pushing for an increase due to factors like the depreciation of the naira and rising global crude oil prices.

“NNPC Ltd. assures the public that there is no imminent increase in the cost of PMS,” Soneye emphasized. He further advised motorists nationwide against engaging in panic buying, as there is “presently ample availability of PMS across the country.”

This statement aims to quell any unnecessary panic and ensure stability in the fuel market. However, it remains unclear if the government plans to maintain the current PMS price for an extended period or if adjustments might be considered in the future.


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