The Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no imminent increase in the cost of petrol.

A statement by Olufemi Soneye, the chief corporate communications officer of the company, also cautioned motorists against panic-buying.

The response came amidst a report that the company on Tuesday clashed with petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over the removal of subsidy on petrol.

The report noted that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.

PUNCH said oil marketers claimed that subsidy on petrol had increased, following the crash of the naira against the United States dollar.

The report quoted the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, as saying that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.

But in its reaction, earlier on Wednesday, NNPC Ltd said it did not clash with petroleum marketers over the removal of petrol subsidies.

Again in a statement Wednesday evening, the company urged Nigerians to disregard unfounded rumours and assured that there are no plans for an upward review of the petrol price.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), 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,” Mr Soneye said in the statement.