The Nigerian National Petroleum Company NNPC Limited (NNPCL) has confirmed the increase in the pump price of premium motor spirit (PMS) popularly known as petrol in its retail outlets across the country.
The national oil firm, in a statement signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, said the price adjustments were in line with current realities.
Since President Bola Tinubu’s inauguration speech on Monday announcing the end to petrol subsidy in the country resulting in panic buying and long queues at fuel stations, there has been a hike in the price of petrol.
The pump price of the commodity has gone up as high as N537per litre in Abuja while Lagos and Port Harcourt have pump prices of N488 and N511 per litre at NNPCL retail outlets, respectively.
The statement, which can also be found on the company’s Twitter handle, reads as follows:
“The NNPC Limited 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.
“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”.
