FG, NNPC Agreed To Sell Petrol Price At Over N500 Per Liter

Federal government and the Nigerian National Petroleum Company Limited have pegged the pump price of fuel at the cost of N500, per liter, across the nation.

May 31, 2023 - 15:51

May 31, 2023 - 16:15

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FG, NNPC Agreed To Sell Petrol Price At Over N500 Per Liter

Federal government and the Nigerian National Petroleum Company Limited have pegged the pump price of fuel at the cost of N500, per liter, across the nation.

The Nigerian National Petroleum Company Limited made the announcement adding that it had adjusted its pump prices of premium motor spirit, also known as petrol at its retail outlets across the country to reflect the fuel subsidy removal.

Chief Corporate Communications Officer, Garba Deen Muhammad, the company, in a statement issued on Wednesday, 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.

“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.”

The increase was sequel to President Bola Tinubu’s announcement of fuel subsidy removal on Monday during his inaugural speech, the NNPCL on Wednesday morning released a list of adjusted pump prices for its mega stations across the 36 states of the federation and the Federal Capital Territory, Abuja.

According to the released price list, the new pump price for fuel, also known as premium motor spirit (PMS), ranges from N488 in Lagos State to N557 per litre in Yobe and Borno states, while it is N537 in Abuja.

It was gathered that the NNPCL management has instructed all the management of its mega stations across the country to immediately implement the new price at all their Mega/Standard/Leased Stations.

The development has been confirmed in Port Harcourt, Rivers State capital and Yenagua, Bayelsa state capital where the NNPCL mega stations are opened for sale but motorists refused to buy the product at the new price as they lament that the price is beyond what they can afford.

Since the the removal of the subsidy, there have been agitations across the country over the announcement which triggered up with the double price hikes of the product.

Earlier in the day, a document purportedly released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, cieculated in the social media put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per liter, respectively.

Meanwhile, the price tag is causing ripples in the oil sector with its attendant fears of higher price regime.

Recall that on assumption of duty, the newly inaugurated President Bola Ahmed Tinubu, on Tuesday had meeting with the governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele and the Group Chief Executive Officer, of the Nigeria National Petroleum Company Limited, NNPCL, Mr. Mele Kyari at the Presidential Villa, Abuja.

It was gathered that the agenda of the meeting was centered on the removal of fuel subsidies, the attendant fuel scarcity, the issue of unification of foreign exchange, and the recent Naira Redesign among others

President Tinubu his inaugural speech on Monday announced the removal of oil subsidy, stating that the regime of oil subsidy is gone.

The announcement immediately caused panic buying and subsequent shutting down filling stations and lengthy queues.

The Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, is yet to make official statement on the new price regime.