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Fuel Crisis: NNPC Confirms Price Hike

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The  Nigerian National Petroleum Company (NNPC) Limited has adjusted pump prices of Premium Motor Spirit (PMS), popularly known as petrol, across their retail outlets in Nigeria. 

NNPC announced the adjusted pump prices 48 hours after President Bola Tinubu declared that ‘subsidy is gone’. Although the corporation did not disclose the new pump prices, oil marketers said PMS now sells for over N500 per litre depending on the location of purchase. 

“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 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’. 

Meanwhile, According to PUNCH, a document that allegedly emanated from the Nigerian National Petroleum Company Limited, according to marketers, which contained figures that were described as the “Current NNPC Pump Price”, and “New Pump Price Per May 31, 2023,” of petrol, showed that the latest cost of PMS in various states and the Federal Capital Territory.

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.

Although officials of NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority kept mute about the document when contacted, oil marketers told our correspondent that the document was authentic.

The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the document as true, which implied that the cost of petrol had been increased to over N500 per litre in various states by the NNPCL.

Asked whether the document on the new pump price of petrol, purportedly issued by the NNPCL to oil marketers was true, Gillis-Harry replied, “Correct.”

Reacting to the petrol scarcity already being experienced in parts of the country, the NNPC Group Chief Executive Officer (CEO), Mele Kyari, assured Nigerians of a sufficient supply of the product.

 

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