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NNPC Speaks to Nigerians on Increase in Petrol Price

by Vicky Oselumese
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NNPC Speaks to Nigerians on Increase in Petrol Price

The Nigerian National Petroleum Company (NNPC) has reassured Nigerians that there are no plans for an immediate increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

In a statement issued by its Chief Corporate Communications Officer, Olufemi O. Soneye, the national oil company urged Nigerians to disregard unfounded rumors and assured them of the ample availability of petrol across the country.

The NNPC also advised motorists nationwide against panic buying, emphasizing that there is no need for such actions. The statement aims to address concerns and dispel any speculation regarding a potential increase in the price of petrol.

In a related development, the NNPC and the Central Bank of Nigeria (CBN) have set limits for the management of the oil firm’s revenue.

During a meeting in Abuja, the Group Chief Executive Officer of NNPC, Mele Kyari, and the CBN Governor, Olayemi Cardoso, reviewed the decision to transfer revenue generated by NNPC to the apex bank.

The meeting aimed to strengthen the relationship between the CBN and NNPC and ensure seamless commercial operations.

The decision to domicile a significant portion of NNPC’s revenues and other banking services with the CBN was discussed, with both parties acknowledging the value created by this arrangement.

The CBN has provided enhanced digital platforms for all transactions and established specific limits to manage NNPC’s transactions.

This article was updated 3 weeks ago


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