The Nigerian National Petroleum Company (NNPC) Limited says it does not intend to increase the pump price of petrol as widely speculated.

The national oil firm spoke in a post on X.

“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 company said.

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There have been media reports last week projecting a price increase on the pump of the product due to the incessant devaluation of the naira which, as at Thursday, traded at an all-time low of N950 to the dollar at the parallel market.

Also, on Monday, oil marketers reportedly indicated that the price of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the black market.

TheCable understands that the speculations on price increases led to panic buying as huge queues have resurfaced in filling stations in some parts of Lagos.

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It was also learnt that some filling stations in the Ikorodu axis of the state briefly shut down operations yesterday morning in anticipation of the price hike, before resuming in the afternoon.

THE CABLE