Nigerian Petroleum Company, NNPCL Confirms Releasing Outrageous Fuel Prices, Calls For ‘Understanding’ From Citizens

The Nigerian National Petrol Company Limited has confirmed it adjusted pump prices of Premium Motor Spirit known better as petrol across the country. In a statement issued on Wednesday and signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the adjusted pump price was in line with “current market realities”.

Following 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. There have been agitations across the country over the immediate announcement of the fuel subsidy removal by President Tinubu with the immediate geometric price hike of the product after the announcement.

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.