The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, in its various filling stations across the country.
The price increases have already taken effect at the filling stations of the NNPCL.
According to the new template, petrol pump price has been adjusted to N537 in Abuja, N515 in Ilorin, the Kwara State capital; N537 in Lokoja, Kogi State; N550 in Yola, the Adamawa State capital; N557 in Maiduguri, the Borno State capital; N540 in Kano; N545 in Kebbi State; N500 in Ekiti State; and N488 in Lagos State.
The development was confirmed via a statement issued on Wednesday, May 31, by the Chief Corporate Communications Officer of NNPCL, Garba Deen Muhammad.
The statement read: “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.
READ ALSO: Subsidy: Petrol queues’ll end soon ― NNPCL
“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.”
The latest development followed the announcement of the removal of subsidy on petrol by President Bola Tinubu on Monday, May 29.
The Star recalls that President Tinubu, in his inaugural speech shortly after his swearing-in in Abuja on Monday, declared that “fuel subsidy is gone”.
He stated that there was no provision for fuel subsidy in the budget he is inheriting from his predecessor, Muhammadu Buhari.
The president said the money being spent on subsidy would be channelled to other use, especially on education, health, and infrastructure.
The declaration has since generated mixed feelings as the effect was being felt with oil marketers and filling stations shutting down, resulting in queues, while some stations had already hiked their prices.
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