The Nigerian National Petroleum Company Limited (NNPCL) has broken its silence as regards to the widespread concern of a possible increase in the pump price nationwide.

Recall that oil marketers had on Sunday said that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/lite and N720/litre in few weeks as long as the dollar continues to trade from N910 to N950 at the parallel market.

Also, the NLC President, Joe Ajaero threatened to embarke with a total, comprehensive and indefinite nationwide shutdown of the country, should there be another increase in fuel price from the existing 617 naira, which it describes as “illegal”.

However, reacting on Monday night via its official X page, formerly known as Twitter, NNPCL claimed it had no intention to increase the pump price of petrol.

The oil company and major importer of petrol into Nigeria wrote:  “Dear esteemed customers, we at NNPCL Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

“Please buy the best quality products at the most affordable prices at our NNPCL Retail stations nationwide.”

WAKADAILY reports that President Tinubu had during his inaugural address on May 29, announced that fuel subsidy is gone, a development that led to the hike in the price of the commodity acrose the country from N198/litre to over N500/litre on May 30, 2023.

Last month, the pump price jump from N537/litre to N617 per litre.