Reacting to the speculation, NNPC via its social media handles, put out a statement denying plans to increase the commodity.

The Nigeria National Petrol Corporation Limited NNPC, has dismissed reports that it has plans to increase petrol pump price to N712.

There have been speculations that the organization might increase the pump price any time soon.

Over the weekend, Oil marketers said that if the dollar continues to trade at N910 to N950 at the parallel market, the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks.

Reacting to the speculation, NNPC via its social media handles, put out a statement denying plans to increase the commodity.