Nigerian National Petrol Company Limited Confirms Hike in Petrol Price
The Nigerian National Petroleum Company Limited (NNPCL) 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”.
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.”
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.
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.
NNPCL price template
The template which has gone viral was accompanied by the following note.
“DEAR ALL. Following Management approval of the Upward review of NNPC PMS pump price as in below table for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle.
“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend all locations as relates to their area of coverage in our network.”
Recalled, that less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, noting that the 2023 Appropriation Act did not provide for petrol subsidy beyond June; the end of the 18-month extension period approved by the former president Muhammadu Buhari’s administration for the discontinuance of the subsidy regime.
After President Tinubu inaugural address at the Eagle Square the pump price of petrol skyrocketed to N600 per litre from N195/l in many parts of the country, creating artificial scarcity, panic buying as well as triggered a 100 percent hike in transport fares across the country.
