NNPC Limited has jerked up pump prices of Premium Motor Spirit (better known as petrol) from N195 per litre to between N488 in Lagos and some other cities; to a maximum of N557 in Maiduguri, the Borno State capital; and Damaturu, capital of Yobe State.
According to NNPC Limited, the new price regime becomes effective from today (31st May).
In a statement on Wednesday, Chief Corporate Communications Officer of NNPC Limited, Malam Garba Deen Muhammad said that the adjustment of the pump price was in line with “current market realities”.
Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy in his inaugural address on Monday, the pump price of petrol skyrocketed to N600 per litre from N195/litre in many parts of the country.
The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.
President Tinubu had noted that the 2023 Appropriation Act did not provide for petrol subsidy beyond June, the end of the 18-month extension approved by the Muhammadu Buhari administration for the discontinuance of the subsidy regime.
On Wednesday, oil marketers confirmed the hike in the pump price of petrol to over N500 per litre depending on the location of purchase.
While petrol now costs N557 in Borno and Yobe States, for instance, it is the lowest figure of N488 in Lagos, Enugu and Ekiti States, as well as the Federal Capital Territory, Abuja.
NNPC said it adjusted the pump prices of PMS across its retail outlets in line with current market realities.
Its 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”.
