Finance

NNPC Ltd. confirms petrol price hike

NNPC Ltd. confirms petrol price hike

The Nigerian National Petrol Company Limited (NNPC Ltd) has confirmed that it has adjusted pump prices of Premium Motor Spirit, also known as petrol, across the country.

This is contained in a statement issued on Wednesday, titled “Adjustment in pump price of PMS” and signed by Garba Deen Muhammad, NNPC’s Chief Corporate Communications Officer.

According to the statement, the adjusted pump price was in line with “current market realities”.

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President Bola Ahmed Tinubu had on Monday declared an end to fuel subsidy, adding that the 2023 Appropriation Act did not provide for petrol subsidy beyond June.

In lieu of this, NNPC wrote that ” It 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.

“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.

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“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”

Earlier, a document supposedly emanating from NNPC 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.

Punch

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