 has denied reports it has reduced the price of petrol as the exchange rose fell in favour of the naira.){kind=link}
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has denied reports it has reduced the price of petrol as the exchange rose fell in favour of the naira.
Why this matters:
This news is a blow to many Nigerians who’ve been grappling with high transportation and living costs since the fuel subsidy ended last May. Prices skyrocketed from below N200 per litre to a hefty N617, impacting everything from groceries to everyday services.
Nigeria relies on imported fuel which implies the retail price after the government removed subsidy, depends not only on prevailing oil price but also on the exchange rate.
Naira fell below 1800 to a dollar in February, fuelling already dire inflation and cost-of-living crisis. The currency has gained in the last week, closing at ₦1300.43 on Wednesday.
The rally prompted false claims online that prices of goods, including petrol and diesel, were rapidly falling as well.
The reports claimed the price of petrol at depots had reduced from N640 to N630 for the independent oil marketers, while the NNPC Ltd. maintained its N570 price. The reports suggested the retail price at the NNPC moved from N617 to N570.
Not true
Olufemi Soneye, chief corporate communications officer, NNPC Ltd., said in a statement on Wednesday that the reports were false.
“The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide,” he said.
“The company asserts that these reports are false and urges Nigerians to disregard them entirely.”
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