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NNPC says reports of fuel price increase is fake news

Probe NNPC over shortfall in remittances, Arewa Youths tell Buhari
Kyari, NNPC Group Managing Director

The Nigerian National Petroleum Corp Ltd has warned that it has not reviewed ex-coastal, ex-depot and NNPC Retail prices.

NNPC disclosed this in a statement on Sunday referring to a document that has gone viral online as “fake news” and advicing the public and relevant stakeholders to disregard the information.

This comes after NNPC warned that depot owners selling fuel above approved prices would be sanctioned.

Reacting to the document alleging the review of ex-coastal, ex-depot and NNPC retail prices, the Corporation said, “It is fake news obviously concocted to cause confusion and to undermine the progressive drive of the NNPC to restore normalcy to the market. The general public and in particular industry operators at all levels should disregard this mischievous act of misinformation.”

It added that it is focused and determined to reposition itself to provide value to its shareholders, while meeting its statutory obligation as provider of energy security for the country.

  • The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) had earlier warned that it will not lift products for retailers selling fuel above official depot price of N148.77.
  • The Nigerian National Petroleum Corporation (NNPC) has said that it has no plans to increase the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, in March 2021.
  • Last week the Minister of State for Petroleum, Timipre Sylva said the Federal Government warned that depot owners selling fuel above the approved ex-depot price in filling stations nationwide will be sanctioned.
  • He said, “We are aware, just like President Muhammadu Buhari said in a statement, that there are some depot owners who are taking advantage of the situation by increasing the Ex-depot price.
  • I can assure you that there will be sanctions for any of those depots that continues to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.”
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