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    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

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    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

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    Lagos Confirms Readiness to Host International Boat Race

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    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

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    It’s important to set boundaries in entertainment industry – Reminisce

    AFCON 2023: Super Eagles Ready to Face Lions of Cameroon on Saturday – Peseiro

    Flying Eagles moves to Ikenne for camping in prep for 2024 WAFU B U20 Championship in Togo

    EGUAVOEN APPOINTED NIGERIA FOOTBALL FEDERATION TECHNICAL DIRECTOR

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Home Business

No Plan To Raise Petrol Price, NNPCL assures Nigerians

by Eucharia Egwuma
August 15, 2023
in Business, Headlines, National
Reading Time: 2 mins read
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We Begged Buyers to Purchase Crude Oil at $9 Per Barrel in April – NNPC
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The Nigerian National Petroleum Company Limited (NNPCL) says it has no plan to raise the pump price per litre of Premium Motor Spirit (PMS) also known as petrol.

In a terse statement on Monday night, the company urged Nigerians to disregard speculations of a fresh hike in price of the premium product.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, had on Monday, warned the NNPC Limited against fresh petrol price hike.

However, NNPC Limited Spokesman, Muhammad Garbadeen, in a statement, said the company has no intention to increase petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.

“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.

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

There seemed to be no respite for Nigerians after President Bola Tinubu announced the removal of petrol subsidy in his inaugural speech on May 29, 2023.

With the announcement, the pump price of a litre of petrol rose from N184 to N500. About two months later, the price jumped from N500 to over N617 on Tuesday, July 18, 2023, eliciting anger and criticisms from economically stranded citizens.

The Group Chief Executive Officer of the NNPC Limited, Mele Kyari, had blamed the second petrol price hike on market forces.

Transportation cost has since galloped, and its attendant economic implications felt on food prices, with the Organised Labour protesting the “anti-people policies” of the Tinubu administration on August 2, 2023.

The unprecedented increase in the price of petrol from N184 per litre to over N600 occurred amid the unification of the foreign exchange rates by the Tinubu administration as well as rising inflation rates.

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