31 May 2023
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday approved an upward review in the pump price of petroleum nationwide.
The approval takes effect from Wednesday, 31 May, the NNPCL said in a circular on Wednesday.
In a statement issued on Wednesday and signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the adjusted pump price was in line with “current market realities”.
The development comes days after the government’s declaration that it will put an end to the fuel subsidy regime which ushered in a return of fuel queue to Nigerian cities on Monday as many motorists scrambled to get petroleum products hours after President Bola Tinubu announced that the government would put an end to the fuel subsidy regime.
Mr Tinubu, on Monday, in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Mr Tinubu said.
Nationwide hike
According to a document that allegedly emanated from the NNPC showed the latest cost of PMS in various states and the Federal Capital Territory.
The petroleum pump price adjustment for the Abuja pump price was increased from N194 to N537 per litre, Delta is betwen N500 to N600 per Litre. Nassarawa moved from N189 to N537 per Litre amongst others
