The Nigeria National Petrol Company Limited, NNPC Limited, has adjusted pump prices of Premium Motor Spirit, across its outlets.
A statement by the Chief Corporate Communications Officer, NNPC Ltd., Garba Deen Muhammadstates that the change is in line with current market realities.
OYO NEWS reports that less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol skyrocketed to N600 per litre from N195/l in many parts of the country.
The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.
Tinubu had in his inaugural address at the Eagle Square on Monday pronounced with finality an end to subsidy, noting that the 2023 Appropriation Act did not provide for petrol subsidy beyond June; the end of the 18-month extension period approved by the Muhammadu Buhari administration for the discontinuance of the subsidy regime.
Also, earlier on Wednesday oil marketers confirmed the hike in the pump price of petrol to over N500 per litre depending on the location of purchase.
“NNPCL 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 read.
A document that allegedly emanated from the NNPC showed the latest cost of PMS in various states and the Federal Capital Territory.
“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.” OYO NEWS