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Nigeria's oil agency denies social media claims that fuel prices will double in 2024

IN SHORT: In 2023, the NNPC Limited raised fuel prices twice after a much-disputed subsidy fell away. But it says there are no plans to raise prices further, contrary to claims circulating on social media. 

After years of enjoying the benefits of highly subsidised fuel, Nigerians are getting used to higher prices after a controversial subsidy was scrapped in 2023.

Before that, fuel was sold at N200 per litre. Following the removal of the subsidy, prices rose twice that year. In July, prices ranged from N598 to N617 per litre, depending on the place of purchase.

Transport fares rose during the December festive season following reports of fuel shortages and price increases.

Claims of costlier fuel have resurfaced in January 2024, with some social media users saying the price will double. This would have a significant impact on the cost of living, as well as likely causing a scramble to buy fuel.

One Facebook post reads: “Petrol to sell for 1200 a liter.”

The same claim appeared on Facebook here, here, here, here, here, here, here and here

But is this true? We checked.


NNPC denies plan to sharply raise fuel prices

In a statement on its official X handle on 3 January, the state energy company NNPC Limited denied claims of an imminent steep increase in fuel prices.

The statement reads, in part: “NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS [petrol] price.”

The NNPC urged the public not to panic-buy, saying fuel was available nationwide.

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