The Nigerian National Petroleum Company Limited has eventually spoken up as regards the widespread concern of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol.
The NNPCL Retail is the downstream subsidiary of NNPCL that retails refined petroleum products for the group.
Recall that oil marketers had on Sunday indicated that the cost of petrol would rise to between N680/litre and N730/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.
They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.
The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.
The oil dealers had also said the CBN Importers and Exporters’ official window for foreign exchange, which boasts of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.
Our correspondent had asked the spokesperson of NNPCL, Garba-Deen Muhammad, on Monday, if the oil firm would hike petrol price as projected by dealers, but he promised to find out and revert.
The NLC President, Joe Ajaero, admonished the Federal Government to stop the falling value of the naira.
In the aftermath of the fuel subsidy removal in May, the organised labour had attempted to down-tool over the skyrocketing prices of goods and services but the Federal Government secured an injunction from the National Industrial Court barring them from embarking on strike.