The Nigerian National Petroleum Company Limited (NNPCL) has said it has no intention to increase the retail price of petroleum.
The oil firm said this in a statement posted via its official Twitter account on Monday night.
The NNPCL clarification came amid reports that the company was set to raise petroleum pump prices from the current N617 per litre to between N720 and N750 in the coming weeks.
In fact, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.
When answering the question of whether oil marketers were considering an increase in petrol price, Ukadike said, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.
“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.”
Ukadike disclosed that oil marketers were still sourcing dollars from the parallel market, as the Central Bank of Nigeria’s Importers and Exporters official window was not easily converted to cash.
“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950 per one dollar, but the price is going to hit N750 once,” Ukadike said.
In its reaction, the NNPCL said it has no intention to increase its petrol pump prices as widely speculated.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our petrol motor spirit (PMS) pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail stations nationwide,” the NNPCL said.