NNPC Disowns Speculated Fuel Hike Across Its Retail Outlets

Hamilton Nwosa
Writer
Subsidy Removal: NNPC Ends Crude Swap Contracts with Foreign Refiners

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

By Ayo Yusuf

Following threats by organised Labour to shut the nation down with the next fuel pump hike, the Nigerian National Petroleum Company Limited, NNPC, has assured Nigerians that it has no such intentions.

The company’s response to the widespread concern of a possible increase in the pump price of Premium Motor Spirit, popularly called petrol, was posted around 11:48pm on Monday on its official X (formerly Twitter) handle.

The national oil firm and foremost importer of petrol into Nigeria, said Nigerians should disregard all rumours that it plans to hike the pump price of petrol.

“Dear esteemed customers, we at NNPCL Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated,” said the statement.

“Please buy the best quality products at the most affordable prices at our NNPCL Retail stations nationwide,” the company added.

The NNPCL Retail is the downstream subsidiary of NNPCL that retails refined petroleum products for the group.
NewDiplomat reported that oil marketers had on Sunday indicated that the cost 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.

Marketers hinted that dealers seeking to import PMS were being forced to put their plans on hold due to the scarcity of foreign exchange to import the commodity.
The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.

The oil dealers had also noted that the CBN Importers and Exporters’ official window for foreign exchange, which boasts of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.

Also, the Nigeria Labour Congress had on Monday warned that its members would commence a nationwide strike without any formal notice if marketers increased the pump price of petrol without concluding the ongoing negotiations.

The NLC President, Joe Ajaero, admonished the Federal Government to stop the falling value of the naira.
In the aftermath of the fuel subsidy removal in May, the organised labour had attempted to down-tool over the skyrocketing prices of goods and services but the Federal Government secured an injunction from the National Industrial Court barring them from embarking on strike.

 

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp