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BREAKING! NNPC Breaks Silence On Increasing Fuel Price To N1,200/Litre

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The Nigerian National Petroleum Company (NNPC) Limited has reacted to the reports claiming that it plans to increase the price of petrol to N1,200 per litre.

It’s been reported that oil marketers pegged the price of Premium Motor Spirit, also known as petrol, at N1,200/litre, noting that subsidy on the petroleum product was increasing considering the crash of the naira against the United States dollar.

According to a publication, the Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed over the removal of subsidy on petrol.

It further noted that with this, oil marketers stressed that petrol, which currently sells between N617/litre to N660/litre, depending on the location of purchase in Nigeria, should be sold at N1,200/litre owing to the current exchange rate.

But reacting to the report which has generated mixed reactions, NNPC said there are no plans to hike the price of fuel.

The statement which was signed by the NNPC, Group Communications, Officer, Olufemi Soneye read, “NNPC Ltd emphasises it has not clashed with any party.

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

Aside from the recent development, the World Bank in December last year had stated that the price of petrol in Nigeria should be around N750 per litre, more than the N650 per litre currently being paid by Nigerians.