The increase in the price of Premium Motor Spirit, better known as petrol, at the pump has been verified by the Nigerian National Petrol Company (NNPC) Limited.
In his inaugural speech at Eagle Square on May 29, 2023, President Bola Tinubu declared the end of the subsidy period. The price adjustment by the NNPC comes about 48 hours later.
A document that allegedly emanated from the Nigerian National Petroleum Company Limited, according to marketers, which contained figures that were described as the “Current NNPC Pump Price”, and “New Pump Price Per May 31, 2023,” of petrol, showed that the latest cost of PMS in various states and the Federal Capital Territory.
Figures in the document indicated that while the cost of petrol in Borno State was put at N557 per litre, the prices in Lagos, Abuja, Enugu and Ekiti were outlined as N488 per litre, N537 per litre, N520 per litre, and N500 per litre respectively.
FLASH: Fuel to sell at N488 per litre in Lagos as NNPC issues revised pricing template across cities in Nigeria pic.twitter.com/nNOsEQP23G
— Moji Sensei Delano (@MojiDelanoBlog) May 31, 2023
In a statement on Wednesday, NNPC spokesman Garba Deen Muhammad said the cost of the necessary good has been reduced at retail locations countrywide.
But he added that petrol prices will continue to change in line with market conditions.
He said;
NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.
As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.
PRESS STATEMENT
ADJUSTMENT IN PUMP PRICE OF PMS
NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.
As we strive to provide you with the quality service for which we… pic.twitter.com/sL0tePldqg
— NNPC Limited (@nnpclimited) May 31, 2023
Meanwhile, oil marketers, on Wednesday, confirmed the hike in the pump price of Premium Motor Spirit popularly called petrol to over N500 per litre depending on the location of purchase.
The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the document as true, which implied that the cost of petrol had been increased to over N500 per litre in various states by the NNPCL.
Asked whether the document on the new pump price of petrol, purportedly issued by the NNPCL to oil marketers was true, Gillis-Harry replied, “Correct.”
