The Nigerian National Petrol Company Limited has officially announced the revision of pump prices for Premium Motor Spirit (petrol) nationwide.
This confirmation came through a statement released on Wednesday, signed by the Chief Corporate Communications Officer, Garba Deen Muhammad. According to the statement, the adjustment in pump prices aligns with the prevailing “current market realities.”
You will recall that Celebrity Telegraph reported, just hours after President Bola Tinubu’s declaration of the end of fuel subsidy, the price of petrol soared to N600 per litre from the previous N195/litre in several parts of Nigeria. This sudden increase in price also led to a 100% surge in transportation fares, and long queues resurfaced at fuel stations across major cities such as Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi, and others.
During his inaugural address at Eagle Square, Tinubu firmly declared the end of subsidy, highlighting that the 2023 Appropriation Act did not include provisions for petrol subsidy beyond June, which marked the conclusion of the 18-month extension period approved by the previous administration of Muhammadu Buhari to phase out the subsidy regime.
Earlier on Wednesday, oil marketers confirmed the petrol price hike to over N500 per litre, varying based on the location of purchase. An alleged document from the NNPC revealed the updated cost of PMS in different states and the Federal Capital Territory.
According to the document, the cost of petrol in Borno State was listed as N557 per litre, while prices in Lagos, Abuja, Enugu, and Ekiti were indicated as N488 per litre, N537 per litre, N520 per litre, and N500 per litre respectively.
The NNPC has confirmed the price hike and stated that it adjusted the pump prices of PMS at its retail outlets to align with current market conditions. In a statement, the NNPC highlighted that fuel prices will continue to fluctuate in response to market dynamics. The company assured the public of its commitment to ensuring a continuous supply of products despite the changes in prices. The NNPC expressed regret for any inconvenience caused and expressed gratitude for the continued support and understanding of customers during this period of transition and progress.