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NNPC debunks reports of Petrol price increase

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Barely weeks after declaring a net profit of N3.3 trillion in the 2023 financial year, with a purported increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion, NNPC has announced it is under intense financial pressure.

The Nigerian National Petroleum Corporation (NNPC) has refuted social media reports suggesting an increase in Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

In a press statement released on Wednesday, the NNPC Communication Officer, Olufemi Soneye, maintained that the reports were false and urged Nigerians to disregard them.

The corporation reaffirmed its commitment to sustaining the current sufficiency of petroleum products supply across all its retail stations in the country.

Meanwhile, NNPC Retail Limited and Azikel Petroleum Limited signed a petroleum products sale and purchase agreement on Tuesday to enhance the distribution and availability of petroleum products across the country.

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