Our reporter/ The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday announced increase in the pump prices of petrol, also known as Premium Motor Spirit (PMS) from N195 per litre to 537 per litre.
The increase was contained in a statement by Garba Dean Mohammed, the chief corporate communications officer of the oil giant.
According to a new price template disclosed by NNPLC, Lagos State has the least price of N488 per litre, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
Similarly, pump prices had been adjusted across States.
For instance, in Benue State, the fuel price had been adjusted to N537 per litre.
The price adjustment represents an over 200 per cent increase.
The implication is that nearly all prices of goods and services would drastically increase.
The development is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech, where he said fuel subsidy would be removed.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
The country will save close to N6.7 trillion if fuel subsidies payment is discontinued.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.
The press statement is published below…
ADJUSTMENT IN PUMP PRICE OF PMS
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.
Garba Deen Muhammad
Chief Corporate Communications Officer