The widespread worry about a potential increase in the price of Premium Motor Spirit, also known as petrol, at the pump has finally been addressed by the Nigerian National Petroleum Company Limited (NNPC).
The national oil corporation, a major importer of petrol into Nigeria, stated in a statement that it has no intention of raising the price of petrol at the pump on Monday at 11:48 p.m. on its official X (previously Twitter) profile.
Recall that oil marketers had stated on Sunday that if the dollar continued to trade between N910 and N950 on the black market, the price of petrol would rise to between N680 and N720 per litre in the upcoming weeks.
Additionally, they made hints that the lack of available foreign currency was forcing traders who wanted to import PMS to postpone their plans. Marketers who hiked the price of petrol at the pump without ending the present negotiations were warned by the Nigeria Labour Congress on Monday that their members will go on a statewide strike without giving any prior warning. After the termination of the fuel subsidy in May, organized labor tried to go on strike in protest of the soaring cost of goods and services, but the Federal Government was able to obtain an order from the National Industrial Court prohibiting them from doing so.
