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The Nigerian National Petroleum Company Limited (NNPCL) has denied plans to increase the pump price of petrol.
In a statement posted on its Twitter handle on Monday night, NNPCL said it had no intention to increase the price of petrol, contrary to widespread speculation.
The company said it values its customers and would not do anything to harm their interests.
NNPCL's statement comes after oil marketers warned that the price of petrol could rise to between N680 and N720 per litre if the dollar continues to trade at N910 to N950 at the parallel market.
The marketers also said the scarcity of foreign exchange is making it difficult for them to import petrol.
The Nigeria Labour Congress (NLC) has also warned that it will go on strike if the pump price of petrol is increased.
The NLC said it will not allow the government to exploit Nigerians by increasing the price of petrol.
The statement by NNPCL has allayed fears of a possible increase in the price of petrol. However, it remains to be seen how long the company can keep the price stable, given the current economic conditions.
