The Nigerian National Petroleum Company Limited (NNPC) has officially announced the adjustment of pump prices for Premium Motor Spirit, commonly known as petrol, across the country. In a statement released on Wednesday, May 31, and signed by the Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company stated that the decision to adjust pump prices was made in accordance with the prevailing market conditions.
The increase in petrol prices came less than 24 hours after President Bola Tinubu declared an end to fuel subsidies. As a result, petrol prices skyrocketed from N195 per litre to N600 per litre in many regions of the country. This sudden surge in prices also led to a 100% hike in transportation fares, while long queues reappeared at fuel stations across major cities such as Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi, and others.
During his inaugural address at the Eagle Square, President Tinubu definitively stated the termination of subsidies, highlighting that the 2023 Appropriation Act does not provide for petrol subsidies beyond June, which marks the end of the 18-month extension period approved by the Muhammadu Buhari administration for phasing out the subsidy regime.
Earlier reports from oil marketers confirmed the petrol price hike, with prices reaching over N500 per litre depending on the location of purchase. A purported document from the NNPC detailed the latest costs of PMS in various states and the Federal Capital Territory. According to the document, petrol prices were listed as N557 per litre in Borno State, N488 per litre in Lagos, N537 per litre in Abuja, N520 per litre in Enugu, and N500 per litre in Ekiti.
NNPC has now officially acknowledged the price adjustments and stated that it has aligned the pump prices of PMS across its retail outlets with the current market conditions.
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