NNPC debunks reports of plan to sell petrol at N1,200


The Nigerian National Petroleum Company (NNPC) Limited has debunked reports that it plans to increase the price of premium motor spirit, popularly called petrol, to N1,200 per litre.

A statement issued on Wednesday by NNPC Ltd group communications officer Olufemi Soneye followed a report that the NNPC Ltd and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria clashed again on Tuesday over the removal of subsidy on petrol.

The report said that according to the marketers, with the local currency closing at 998/dollar at the official market, and trading at 1,225/dollar at the black market, a litre of fuel should be sold for N1,200.

Soneye said the claims in the report were false.

“NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate.

“The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed,” he said.