The Nigerian National Petroleum Company Limited (NNPCL) has denied widespread reports that it is planning to increase pump price of petrol, otherwise known as Premium Motor Spirit (PMS).
Describing the reports as unfounded lies meant to cause panic in the polity, the company urged Nigerians to disregard the rumours as there are no plans whatsoever to increase the price of petrol.
The reaction from NNPCL was necessitated following a report that the landing cost of the product at official depots has risen to N720, from the previous price of N651 per litre in August, which led to speculations that this could force a price hike.
