Update: NNPC Opens Up On Increasing Fuel Price To N1,200

The Nigerian National Petroleum Company (NNPC) Limited and marketers have denied rumours of petrol price increase to N1,200 per litre in Nigeria, describing it as mere speculation.

Recall that it was widely reported earlier today that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC over fuel subsidy.

But, in a statement obtained by Vanguard, NNPC spokesman, Olufemi Soneye, said fuel subsidy has been removed.

Update: NNPC Opens Up On Increasing Fuel Price To N1,200

He stated: “NNPC Ltd emphasizes that it has not clashed with any party. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”

Similarly, in a telephone interview with Vanguard, Treasurer, IPMAN Board of Trustees, Chinedu Okonkwo, said: “It is not true that the price of petrol has been increased. Those saying so, are merely speculating.”

In his inaugural speech on May 29, 2023, President Bola Tinubu declared that the subsidy era is gone.

However, checks indicated that many stations were still selling petrol at between N600 and N630 per litre in Lagos and environs.