"NNPC Ltd urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price," NNPCL said.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no plan to increase the pump price 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 speculation of a possible increase in the price of petrol among Nigerians.

Fuel queues resurfaced in Lagos earlier in the week as residents besieged fuel stations in anticipation of yet another season of fuel scarcity.

In Abuja, a long queue of motorists was observed at some of the NNPC filling stations. While a litre of petrol was sold at N617 at the NNPC retail stations, some major fuel stations sold the product for N670.

But in its reaction on Thursday, the oil company in a statement 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.