The Nigerian National Petroleum Company Limited, NNPCL, says it has confirmed that there is no intention to increase the retail price of Premium Motor Spirit, otherwise known as petrol.

There have been rumours about a hike in petroleum pump prices, from the current 617 naira per litre to between 720 and 750 naira in the coming weeks.

Oil Marketers had cited the decline of the naira against the dollar, combined with the recent rise in global crude oil prices, as factors leading to an impending hike in the pump price of petrol.

The company, however, in a statement refuted these claims, noting that it has no intention to increase its petrol pump prices, as widely speculated.

NNPCL, also urged its customers to buy the best quality products at the most affordable prices at its retail stations nationwide.

Petrol prices moved up from 198 naira per litre in May to over 500 naira per litre in June, after President Bola Ahmed Tinubu announced that the government would put an end to the fuel subsidy regime.