The Nigerian National Petroleum Company (NNPC) Ltd. says there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

The NNPC Ltd, in a statement by its Chief Corporate Communications Officer, Mr Olufemi Soneye, on Wednesday, urged Nigerians to disregard unfounded rumours of increase in the pump price of petrol.

Soneye assured the public that there were no plans for an upward review of the price of petrol.

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

The News Agency of Nigeria (NAN) reports that there were reports in some sections of the media that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed with the NNPC Ltd over payment of subsidy.

Soneye, while reacting through a WhatsApp message, emphasised that subsidy had been completely removed on petrol.

He also said the company did not have any dispute with IPMAN over any subsidy payment on petrol as alleged.

The IPMAN National President, Mr Chinedu Okoronkwo, in a telephone interview with NAN, also dispelled rumours of dispute, adding that the public should ignore such news. (NAN)