NNPC Adjusts Petrol Pump Price 48 Hours After Tinubu’s Subsidy Removal Pronouncement
The Nigerian National Petrol Company (NNPC) Limited has confirmed the hike in the pump price of Premium Motor Spirit also known as petrol.
The price adjustment by the NNPC is coming some 48 hours after President Bola Tinubu announced an end to the subsidy era during his inaugural speech at the Eagle Square on May 29, 2023.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N400/litre to as high as N600/litre.
NNPC spokesman, Garba Deen Muhammad, in a statement on Wednesday said the price of the essential commodity has been adjusted its retail outlets nationwide but he did not mention a specific amount.
He said the price per litre of petrol will continue to fluctuate to reflect market dynamics.
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
Nigerians with different gallons queue up at a filling station in Lagos on Tuesday, May 30, 2023. Photo Credit: Victor Kalu
“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,” the statement partly read.
“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.”
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy beyond June and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The NNPC Group Chief Executive Officer, Mele Kyari at a conference later that Monday welcomed the idea of fuel subsidy removal. Also, the House of Representatives and the Independent Petroleum Marketers Association of Nigeria (IPMAN) backed the President for the “courage” to remove subsidy on petrol.
