BREAKING: NNPC Reacts to ‘plan’ on increasing fuel price to N1,200 per litre

The Nigerian National Petroleum Company (NNPC) Limited has reacted to a media report alleging fresh plans to increase the price of petrol to N1,200 per litre.

TrackNews Media reports that social media platforms, on Wednesday, have been awash with rumours of a new increase in the price of fuel across the country.

Reacting to the rumour, which has continued to generate mixed reactions amid the harsh economic conditions of the country, the NNPC says there are no plans to hike the price of fuel.

This was contained in the company’s rejoinder to a media report that petrol should now cost N1,200 per litre owing to exit from the under-recovery of the fuel cost.

The short rejoinder that NNPC, Group Communications, Officer, Olufemi Soneye issued today reads: “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed.”