The Nigerian National Petroleum Company Limited (NNPCL) has confirmed a new price regime for Premium Motor Spirit (PMS), so Nigerians should prepare for tougher times.
The revised pricing structure was verified by NNPCL in a release from its Chief Corporate Communications Officer, Garba Deen Muhammad, dated May 31, 2023.
It was claimed in the press release titled "Adjustment In Pump Price Of PMS" that the change in the price of petrol at the pump was consistent with the status of the market at the time.
The NNPCL stated that prices "will continue to fluctuate in order to reflect market dynamics" and was unable to guarantee the stability of the new price regime for PMS.
However, it pledged to make every effort to deliver high-quality service and continuous supply to petroleum product end users.
“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,” NNPCL stated in the release.
Following President Bola Tinubu's declaration that the fuel subsidy has been eliminated during his inauguration on Monday, there has been a sudden shortage of petrol in numerous areas of the nation.
Since then, drivers have had trouble getting petrol, despite some filling stations raising the price at the pump to as much as N650 per litre.
The quick increase was contrary to the earlier expectation that the oil subsidy reduction would take effect by the end of June.
In the midst of the controversies, Nigerians woke up on Wednesday morning only to learn that the NNPCL had jerked up pump prices of petrol (PMS) by over 200 per cent.
The latest increment brought the pump price to between N488 and N577 per litre, with Lagos State having the lowest price, while Borno and Yobe states would be selling at N557 per litre.
This was a sharp increase from the old pump price regime of between N189 per litre and N199 per litre across the states before the removal of subsidy.
If the new pricing template, purportedly sent by the NNPCL Management to marketers is anything to go by, the new price regime takes effect from today.
As contained in the template, the new price regime per litre, across the states, effective from today, 31 May, 2023, is as follows:
Lagos: ₦488; FCT Abuja: ₦537; Abia: ₦515; Adamawa: ₦550; Akwa Ibom: ₦515; Anambra: ₦520; Bauchi: ₦550; Bayelsa: ₦515; Benue: ₦537; Borno: ₦557; Cross River: ₦511; Delta: ₦511; Edo: ₦511; Ekiti: ₦500; Enugu: ₦520; Ebonyi: ₦520; Gombe: ₦550; Imo: ₦515; Jigawa: ₦540; Kaduna: ₦540; Kano: ₦540; Katsina: ₦540; Kebbi: ₦545; Kogi: ₦537; Kwara: ₦515; Nasarawa: N537; Niger: ₦537; Ogun: ₦500; Ondo: ₦500; Osun: ₦500 per litre; Oyo: ₦500! Plateau: ₦537; Rivers: ₦511; Sokoto: ₦540; Taraba: ₦550! Yobe: ₦557! and Zamfara: ₦540 per litre.
