The Nigerian National Petroleum Company (NNPC) Limited has dismissed rumors of an imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
NNPC Limited’s spokesman, Femi Soneye, clarified that there are no plans for an upward review of the PMS price.
Motorists are advised against panic buying, as there is reportedly ample availability of petrol across the country.
This follows reports suggesting disagreements between NNPC Limited and oil marketers over a potential increase in petrol pump prices due to market realities.
Oil marketers noted that subsidy costs were rising due to the depreciation of the naira and crude oil prices.
