In response to the widespread concerns surrounding a potential hike in the pump price of Premium Motor Spirit (petrol), the Nigerian National Petroleum Company Limited (NNPCL) has finally addressed the issue.

A recent post on the company's official X (formerly Twitter) handle, shared at approximately 11:48pm on Monday, has clarified the stance of the national oil firm, a major petrol importer in Nigeria. The post explicitly states that there is no intention to raise the pump price of petrol.

The NNPCL Retail division, responsible for retailing refined petroleum products, including Premium Motor Spirit, under the NNPCL group, extended its message to valued customers, affirming their commitment to offering the best quality products at affordable prices across their nationwide retail stations.

It's worth noting that oil marketers had earlier signaled the possibility of petrol costs surging to levels ranging from N680/litre to N720/litre in the coming weeks, should the dollar's trading range remain between N910 and N950 on the parallel market. They attributed this potential increase to the scarcity of foreign exchange necessary for importing petrol.

However, the Nigerian National Petroleum Company's recent response on X (formerly Twitter) has provided clarity on its position regarding the speculated price hike.

In the event of a price increase, the Nigeria Labour Congress (NLC) has issued a warning that it may initiate a nationwide strike without prior notice. The NLC President, Joe Ajaero, urged the Federal Government to address the declining value of the naira.

In May, following the removal of fuel subsidies, organized labor had contemplated a strike due to the rapid rise in prices of goods and services. However, the Federal Government obtained an injunction from the National Industrial Court, preventing the labor groups from going on strike.