The Nigerian National Petrol Company Limited has acknowledged that it has modified Premium Motor Spirit, more commonly known as petrol, pump pricing nationwide.
The national oil firm claimed that the revised pump price was in line with “current market realities” in a statement released on Wednesday and signed by its Chief Corporate Communications Officer, Garba Deen Muhammad.
Less than 24 hours after President Bola Tinubu announced the end of gasoline subsidies, The PUNCH reports that the price of petrol at the pump soared to N600 per litre from N195/l in several regions of the country.
The development also led to a 100% increase in transportation costs, and long lines at gas stations returned in major cities like Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, and Makurdi.
In his inaugural speech at Eagle Square on Monday, Tinubu declared that the subsidy programme was officially over.
He noted that the 2023 Appropriations Act did not include funding for petrol subsidies after June, which marked the end of the 18-month extension period that the Muhammadu Buhari administration had approved for the program’s termination.
Also on Wednesday, it was reported that oil marketers had confirmed that the price of petrol at the pump had increased to almost N500 per litre, depending on where it was purchased.
The most recent prices for PMS in several states and the Federal Capital Territory were displayed in a document that purportedly came from the NNPC.
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.
But confirming the price hike, the NNPC said it adjusted the pump prices of PMS across its retail outlets in line with current market realities.
The statement 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.
“The company sincerely regrets any inconvenience this development may have caused.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”
