The Nigeria National Petroleum Corporation (NNPC) Retail, which is the arm of the oil company dispensing fuel to consumers, has denied any plan to raise the price of fuel.
Oil marketers had at the weekend said fuel price per litre was set to rise to N720 following scarcity of foreign exchange, popularly known as forex. This led to panic buying of fuel at various NNPC outlets where the fuel is slightly cheaper.
But in a tweet on Tuesday via its handle, the NNPC Retail said there was no plan to increase the price of fuel.
It said: “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.”
The volatility of the exchange rate has spiked the price of almost everything in Nigeria. The CBN has now said it would introduce foreign exchange intervention measures aimed at clamping down on currency speculators which it accused of causing the Naira crisis.
More Stories
Wife in court for arranging her kidnap to extort money from husband
Iran hardliners, moderates jostle for power in tight presidential contest
Minimum wage: NLC kicks over requests by governors to pay what they can afford