NNPC Declares Formal Rise in Petrol Prices
The retail price of gasoline at the pump has been raised, according to the Nigerian National Petroleum Company (NNPC) Limited.
The NNPC spokesman, Garba Deen Muhammad, made this declaration in a statement reviewed by Diasporainfo on Wednesday. He said that the price rise was consistent with market conditions.
NNPC Limited issued a statement saying, “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across all of our retail outlets in line with current market realities.”
Mr. Muhammad stated in the statement that “prices will continue to fluctuate to reflect market dynamics.”
Two days after President Bola Tinubu stated that “fuel subsidies are gone,” the development happened.
The fuel subsidy program was previously scheduled to be phased out by the outgoing Muhammadu Buhari administration at the end of June, as President Tinubu had intimated during his inaugural speech.
NNPC’s retail shops had already begun selling at over N500 per liter in Lagos and the Federal Capital Territory (FCT) before the announcement, despite the fact that the statement was ambiguous about the new price restriction.
According to Wednesday’s checks by Peoples Gazette, retail shops were charging N540 per liter in Lagos and N537 per liter in the FCT.
