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Nigeria state oil company denies claims that it will raise fuel prices again in 2023

IN SHORT: Nigeria’s state-owned oil company first raised fuel prices in May 2023, after the controversial removal of fuel subsidies. This was followed by another increase in July. But the NNPC says it has no intention of increasing fuel prices in October, despite online speculation.

Soon after the removal of controversial fuel subsidies in May 2023, the Nigerian National Petroleum Company, or NNPC Limited, Nigeria's state-owned oil company, stopped being the sole supplier of petroleum products in the country.

Before the removal of the subsidy, the price of petrol per litre was below N200, but with the NNPC’s price review in May, it started selling for between N480 and N570 per litre.

Fuel prices rose again in July and at time of publication petrol sells for between N598 and N617 per litre, depending on where you buy it.

However, a post on Facebook in Nigeria on 6 October claims that the NNPC is planning to increase fuel prices for a third time in 2023.

The post reads: “NNPC opens up on plan to increase fuel price as landing cost hits N720 per litre.”

We found the same claim on Facebook here, here,and here.

But has the NNPC said it will raise fuel prices again, heralding more pain at the pump for consumers? We checked.


NNPC says it won’t increase fuel prices 

In August, the oil company denied claims that there would be an increase in the pump price of petrol. 

Following the latest claims the company has again refuted claims that it plans to raise prices.

In a statement on its official X handle (the social media platform formerly known as Twitter), it said, in part: “We do not have the intention to increase our PMS pump prices as widely speculated.”

PMS refers to premium motor spirit, otherwise known as petrol or gasoline. It is used to power cars, generators and other internal combustion engines.

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