By Nurat Uthman
The Nigerian National Petroleum Company Limited has finally addressed the widespread concern about a potential increase in the price of petrol. In a post on its official X (formerly Twitter) handle, the national oil company stated that it has no intention to raise the pump price of petrol.
The company emphasized its commitment to providing the best quality products at affordable prices at its retail stations nationwide. The NNPCL Retail is a subsidiary of NNPCL that sells refined petroleum products for the group.
Oil marketers had previously indicated that the cost of petrol could rise to between N680/litre and N720/litre in the coming weeks if the exchange rate continues to be unfavorable.
They also mentioned that the scarcity of foreign exchange was hindering the importation of petrol. The Nigerian Labour Congress warned that its members would go on strike without notice if the pump price of petrol increased without concluding ongoing negotiations. The president of the NLC urged the government to address the depreciation of the naira.
Following the removal of fuel subsidies in May, organized labor had attempted to protest against the high prices of goods and services, but the Federal Government secured an injunction from the National Industrial Court barring them from embarking on strike.
