The official statement from the Nigerian National Petrol Company Limited confirms that the prices of Premium Motor Spirit (petrol) have been revised nationwide.
On Wednesday, the company issued a statement signed by Garba Deen Muhammad, the Chief Corporate Communications Officer, explaining that the modification was implemented to conform with the “current market realities.”
Petrol prices in Nigeria have skyrocketed from N195/litre to N600/litre in certain regions, less than 24 hours after President Bola Tinubu announced the end of fuel subsidy.
The sudden rise in fuel prices has resulted in a significant 100% increase in transportation fares, causing long queues to reappear at fuel stations in major cities and urban areas, including Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, and Makurdi.
During his inaugural address at Eagle Square on Monday, Tinubu announced the discontinuation of the petrol subsidy. He stated that the 2023 Appropriation Act did not allocate funds for petrol subsidies beyond June, marking the end of the 18-month extension period approved by the Muhammadu Buhari administration for the subsidy regime’s discontinuation.
On Wednesday, The Standard Gazette reported that petrol prices have risen to over N500 per litre, as confirmed by oil marketers. The NNPC has released a document showing the updated costs of PMS in various states and the Federal Capital Territory.
In response to these reports, the NNPC has acknowledged the price adjustment and stated that it was done across its retail outlets to match the prevailing market conditions. The company’s statement emphasized that prices would continue to fluctuate in order to reflect market dynamics.
Furthermore, NNPC assures the public of its unwavering dedication to providing a steady stream of products. The corporation regrets any inconvenience caused and appreciates the ongoing support and understanding during this period of transformation and progress.
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