The NNPC Limited has confirmed the Wednesday’s effective increase in pump price per litre of PMS, justifying that it was “in line with current market realities.”
It however, expressed regrets on any inconvenience this development may have caused, assuring that it would continue to render quality to the customers.
A statement by the NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, confirming the upward review of the pump price per litre of PMS, reads below:
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.
On Wednesday morning, the details of the Tuesday meeting between President Bola Tinubu and the Group Chief Executive Officer of the Nigeria National Petroleum Company limited (NNPCL), Malam Mele Kyari, emerged as the company suddenly rolled out new pump price per litre nationwide.
Malam Kyari had on Tuesday had a closed door meeting with President Tinubu, following the controversy generated by inuagural speech comment on removal of fuel subsidy.
Under the new prices depending on geopolitical zone, a price per litre will not cost less than N488 but will cost at most N555.
The NNPCL has also directed dealers to reflect the new pump price in the respective geopolitical zones effective today, 31 May, 2023, in line with the released price templated.
“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network”, the directive stated.
The sudden increase in pump price per litre contradicted President Tinubu’s explanations of his inuagural speech on immediate removal of fuel Subsidy.
He had yesterday said that the removal would take effect end of June, 2023, in attempt allay fears and tempers heightened by acute shortage of fuel and hike in prices by dealers following his inuagural speech comment of fuel Subsidy removal.
Nationwide, following his inuagural speech, queues have returned to the fueling stations. While dealers who are open for operations have hike their pump price up to between N600-N700 per litre, most filling stations closed shop.
Commuters nationwide are also stranded as transporters have hiked the fares resulting to choatic situation just two days on assumption of office by President Tinubu.
Reports indicate that motorists who had queued up overnight for fuel now refused to buy at the newly reflected high pump price per litre.
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