The Nigerian National Petrol Company Limited has confirmed it adjusted pump prices of Premium Motor Spirit known better as petrol across the country.
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”.
Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol skyrocketed to N600 per litre from N195/l in many parts of the country.
The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.
Tinubu had in his inaugural address at the Eagle Square on Monday pronounced with finality an end to subsidy, noting that the 2023 Appropriation Act did not provide for petrol subsidy beyond June; the end of the 18-month extension period approved by the Muhammadu Buhari administration for the discontinuance of the subsidy regime.
Earlier on Wednesday, it was reported that oil marketers confirmed the hike in the pump price of petrol to over N500 per litre depending on the location of purchase.
A document that allegedly emanated from the NNPC showed the latest cost of PMS in various states and the Federal Capital Territory.
Figures in the document 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.
But confirming the price hike, the NNPC said it adjusted the pump prices of PMS across its retail outlets in line with current market realities.
The statement read, “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.”