Marketers and the Nigerian National Petroleum Company (NNPC) Limited have refuted rumors that the price of petrol in Nigeria will increase to N1,200 per liter, labeling them as unfounded conjectures.
Widespread reports circulated on Wednesday that fuel marketers affiliated with the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the NNPC engaged in an altercation regarding fuel subsidies.
However, NNPC spokesman Olufemi Soneye confirmed in a statement obtained by Vanguard that the fuel subsidy has been eliminated.
“NNPC Ltd. emphasizes that it has not engaged in any conflict with any party,” he said. In response to a request for confirmation regarding the purported reduction in subsidies, NNPC stated unequivocally that the subsidy had been eliminated.
Likewise, Chinedu Okonkwo, Treasurer of the IPMAN Board of Trustees, stated in a telephone interview with Vanguard: "The claim that the price of petrol has increased is unfounded. Those who hold such views are simply engaging in speculation.
On May 29, 2023, during his inaugural address, President Bola Tinubu declared the end of the subsidy era.
However, investigations conducted by Vanguard revealed that numerous stations in Lagos and the surrounding areas continued to offer petrol at prices ranging from N600 to N630 per liter.