In light of increased crude oil prices, the Nigerian National Petroleum Corporation Limited, or NNPC, has provided an update on the cost of petrol at the pump.
according to reports, Brent Crude increased on Thursday to $96.17.
Fears of a potential increase in the price of gas at the pump grew as the surge persisted for weeks.
Iyabode Ayobami-Ojo, the NNPCL’s acting chief corporate communications officer, allayed concerns about a further increase in petrol prices on Thursday, nevertheless.
According to her, the NNPCL is charged with guaranteeing energy security in accordance with the Petroleum Industry Act (PIA), which entails aggressively controlling petrol station prices.
According to the PIA, NNPC Limited is in charge of guaranteeing energy security and, as is expected under deregulatory conditions, is actively regulating PMS pump prices at its stations.
Oil and gas industry stakeholders have stated that NNPCL has the right to raise the price of petrol at the pump because it is the only supplier of the substance in Nigeria.
After the fuel subsidy was eliminated, the price of petrol at the pump increased from N175 to N545. The fuel price was increased to N617 per litre in July.