News

January 3, 2024

NNPC, marketers deny fuel price increase to N1,200 per litre

Petrol

By Udeme Akpan, Energy Editor & Mariam Eko

The Nigerian National Petroleum Company (NNPC) Limited and marketers have denied rumours of petrol price increase to N1,200 per litre in Nigeria, describing it as mere speculation.

It was widely reported, Wednesday, that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC over fuel subsidy.

But, in a statement obtained by Vanguard, NNPC spokesman, Olufemi Soneye, said fuel subsidy has been removed.

He stated: “NNPC Ltd emphasizes that it has not clashed with any party. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”

Similarly, in a telephone interview with Vanguard, Treasurer, IPMAN Board of Trustees, Chinedu Okonkwo, said: “It is not true that the price of petrol has been increased. Those saying so, are merely speculating.”

In his inaugural speech on May 29, 2023, President Bola Tinubu declared that the subsidy era is gone.

However, checks by Vanguard indicated that many stations were still selling petrol at between N600 and N630 per litre in Lagos and environs.