The Nigerian National Petroleum Company Limited, on Wednesday, declared that there was no plan to increase the pump price of Premium Motor Spirit, popularly called petrol.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said in a statement that Nigerians should disregard rumours of a possible hike in petrol price.

The oil firm further urged motorists not to be involved in panic buying, as it stressed that the company had no plan to raise the cost of the product.

The statement read, “NNPC Ltd assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.

“NNPC Ltd urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

Some Nigerians had expressed fear following the revelation by oil marketers that the cost of petrol should be around N1,200/litre if it was not being subsidised, considering the cost of the commodity in other climes.

But the NNPCL insisted that there was no more subsidy on the product, stressing that it was now recovering its full cost on the importation of PMS into Nigeria. NNPCL is the sole importer of petrol into Nigeria.