The Nigerian National Petroleum Company (NNPC) Limited says it has no intention to increase the pump price of petrol, also known as premium motor spirit (PMS), at its retail outlets.

There have been speculations on social media that the company plans to raise the petrol pump price to over N700 a litre.

In a statement on Thursday, NNPC’s retail subsidiary said it values the patronage of its customers.

“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,” the statement reads.

“Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide.”

The national oil company had adjusted the petrol price in May 2023, following a pronouncement by President Bola Tinubu that the subsidy regime was over.

In July, the price of the commodity rose further to N617 per litre in the federal capital territory (FCT) and N568 in Lagos.

Speaking on the issue, Mele Kyari, the group chief executive officer (GCEO) of the NNPC, blamed market forces for the price increase.

Isokotolopia:
Nigerians brace up, when it is denied surely its only a matter of time

Isokotolopia:
Nigerians brace up, when it is denied surely its only a matter of time

lordm:
It will soon be increased . How can an oil producing country not have a functional refinery?

lordm:
It will soon be increased . How can an oil producing country not have a functional refinery?

Isokotolopia:
Nigerians brace up, when it is denied surely its only a matter of time

lordm:
It will soon be increased . How can an oil producing country not have a functional refinery?

EKONGKING:
More private players are thrown under the bus with no end at sight .
If petrol sold at 550 naira and with lesser demand and still queues are returned ,we are in deep shit .

Buhari has really destroyed Nigeria .

Southern Nigerian politicians follow World Bank and IMF guidelines ,while Northern politicians follow the old soviet guidelines of shutting down borders and other communist ideas etc .

The correct path way is to follow fellow developing Asian countries like India, Indonesia ,Thailand, Vietnam and their development model to at least get to their level .China is too far ahead to even mention in Nigerian context .

India has the biggest refinery in the world and one small city in western India (population of 400,000) has more than refining capacity than Metro Houston which is the worlds energy capital .While India imports 80 percent of crude to process .

But you hardly hear it . The western Media dont want you to hear about it as they want to continue western hegemony or so called rules based orders .
They tried with China during their Rise in 2000s and as China is under single party rule and strict censorship ,that game didnot work out .

Africans exposed to western media and their narrative believe them .

The reason for this long post is Nigerian politicians and economists should stop ass licking western or soviet model of development and start focusing on ASIAN model . The whole world economy is shifting gradually to Asia .

We need to learn lessons from China ,India ,Indonesia, Vietnam etc and remix the ASIAN MODEL to African settings for better prosperity .

nairalanda1:


Landing cost is N720. Una wan sell that petrol at N617.

APC has brought back subsidy. They have gone back to their vomit jejely.

Yet, to do the sensible thing and actually remove subsidy, they no wan do, because what matters to APC politicans is getting voted back, not making Nigeria better.

Anyway, enjoy your subsidy, Nigerians.

correctguy101:


Funny...

Abi you too don Japa? This one you're separating yasef as if you're not a Nigerian in Nigeria...

We will enjoy it all together...

Dem go take loan, share am among themselves yet na the common Nigeria dey owe and pay for the igbese somebody else chop.... Smh

Gofment na scam abeg...

In all the pretence of order, the disorder is overpowering.

t2luv1:


Partner I was this close to agreeing with you until you started mentioning China. Let us get this straight Capitalism in its purest form is only carried out in one country that I know of and that country is Nigeria. Even good Ole USA still has safety nets when one is done on his or her luck. In Nigeria partner you are all on your own. Capitalism as bad as it may be sometimes has raised more people out of poverty than any other social economics you could come up with

nairalanda1:


Landing cost is N720. Una wan sell that petrol at N617.

APC has brought back subsidy. They have gone back to their vomit jejely.

Yet, to do the sensible thing and actually remove subsidy, they no wan do, because what matters to APC politicans is getting voted back, not making Nigeria better.

Anyway, enjoy your subsidy, Nigerians.

correctguy101:


Funny...

Abi you too don Japa? This one you're separating yasef as if you're not a Nigerian in Nigeria...

We will enjoy it all together...

Dem go take loan, share am among themselves yet na the common Nigeria dey owe and pay for the igbese somebody else chop.... Smh

Gofment na scam abeg...

In all the pretence of order, the disorder is overpowering.

t2luv1:


Partner I was this close to agreeing with you until you started mentioning China. Let us get this straight Capitalism in its purest form is only carried out in one country that I know of and that country is Nigeria. Even good Ole USA still has safety nets when one is done on his or her luck. In Nigeria partner you are all on your own. Capitalism as bad as it may be sometimes has raised more people out of poverty than any other social economics you could come up with

nairalanda1:


Landing cost is N720. Una wan sell that petrol at N617.

APC has brought back subsidy. They have gone back to their vomit jejely.

Yet, to do the sensible thing and actually remove subsidy, they no wan do, because what matters to APC politicans is getting voted back, not making Nigeria better.

Anyway, enjoy your subsidy, Nigerians.

correctguy101:


Funny...

Abi you too don Japa? This one you're separating yasef as if you're not a Nigerian in Nigeria...

We will enjoy it all together...

Dem go take loan, share am among themselves yet na the common Nigeria dey owe and pay for the igbese somebody else chop.... Smh

Gofment na scam abeg...

In all the pretence of order, the disorder is overpowering.