Marketers deny plans to hike fuel price

The Nigerian National Petroleum Company Limited (NNPCL) and the Major Oil Marketers Association of Nigeria (MOMAN) have clarified that there is no plan to increase the pump price of petrol in the country, despite the recent removal of subsidies on the commodity.

The NNPCL and MOMAN made this clarification in separate statements issued on Monday, following reports of panic buying and hoarding of petrol by some consumers and retailers across the country.

The NNPCL said that it has enough stock of gasoline to meet domestic demand for the next 40 days and urged Nigerians to avoid panic buying and disregard rumours of an imminent price hike.

MOMAN, on its part, said that it is committed to ensuring the availability and affordability of petrol for Nigerians and appealed to the government to provide a conducive environment for the downstream sector to thrive.

The current official pump price of petrol in Nigeria is N617 per litre, but due to logistics and other factors that vary by location, the commodity goes for prices ranging from N600 to N700 per litre across the country.