NNPCL Raises PMS Pump Price

There is palpable anxiety across the country as the Nigerian National Petroleum Company Limited, NNPCL, has adjusted its pump price for Premium Motor Spirit, PMS, better known as petrol, from N537/litre to N617/litre.

The development unfolded Tuesday  following the upward adjustment of the price by its a number of fuel stations in Abuja.

The development was also confirmed by Independent oil marketers. According to the Secretary, Independent Petroleum Marketers Association of Nigeria, IPMAN, Abuja/Suleja branch, Muhammed Shaibu, any upward review by the NNPCL is indicative of the fact that indeed, PMS pump price has gone up. 

“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre,” Shuaibu told Vanguard newspapers. 

The seeming free fall in the pump price of PMS is sequel to the announcement made by President Bola Ahmed Tinubu during his inauguration on May 29, 2023, that the era of petroleum subsidy is gone.

In response to the announcement pump price shot up from its N195 per litre to over N500 the next day.

Already, transporters have reacted to the new development with a plan to also spike transportation cost beginning Wednesday.

According to a transportatet who spoke with FreshNews, it has been difficult for a lot of transporters to meet running cost or remain in the business even after adjusting transportation in line with the N540 per litre cost. The new price, he pointed out, will further exercebate the challenge. 

"It has been very difficult for some of us to make enough money in a trip to meet the fuel cost for the same trip following the removal of subsidy. 

"You can imagine what the implication will be with the new upward adjustment," he wondered.

"We will meet and come up with something by tomorrow," he added.