The Nigerian National Petroleum Company Limited (NNPC) has refuted circulating rumors that it plans to raise pump prices for petrol following the end of subsidies.

In a statement on Friday, NNPC management stressed they have “no intention to increase our PMS pump prices as widely speculated.” The company reaffirmed its commitment to providing “the best quality products at the most affordable prices” across its nationwide retail network.

The announcement comes as panic spread this week among Nigerian motorists bracing for another surge in fuel costs. Some critics alleged NNPC was poised to take advantage of deregulated prices to fatten margins.

However, the firm insisted current prices will remain stable at NNPC stations. “We value your patronage, and we do not have the intention to increase our PMS pump prices,” the statement underscored.

NNPC’s subsidized rate capped at N165 per liter already spurred long queues this year amidst scarcity. The deregulated market price now hovers around N185 per liter based on fluctuating global oil prices.

Despite reassurance, any hint of price hikes remains a sensitive issue. NNPC has increased rates twice since subsidies ended in 2023, squeezing consumers battered by inflation.