NNPCL hikes fuel price
… Others follow
The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of Premium Motor Spirit (PMS) across its retail outlets nationwide.
This is contained in a press statement issued by the Chief Corporate Communications Officer of NNPCL Garba Deen Muhammad on Wednesday in Abuja.
Garba Deen Muhammad did not disclose how much NNPCL retail outlets will be selling fuel to the public, but he stated that “prices will continue to fluctuate to reflect market dynamics”
With the new price hike, NNPC Ltd has assured Nigerians of steady supply of product.
Garba Deen Muhammad however apologized “for any inconveniences the development might cause”.
The country was thrown into panic mode after President Bola Tinubu announced the stoppage of fuel subsidy at his inaugural address.
Shortly after the NNPCL announcement, petrol stations around the Abuja City centre and adjoining satellite town like Kubwa, Airport Road, Bwari, also adjusted their pump prices to N540 per litre for fuel.
Many motorists who had queued for hours trying to get fuel, found themselves with the options of either buying at the new rate or leaving.
Transportation fare has also increased. Lugbe to Gwagwalada that used to cost N400 is now N800.
Before NNPCL’s formal announcement, a new pricing template was purportedly sent to marketers by the NNPCL management to oil marketers late on Tuesday.
The new pricing template directed that the new price adjustment come into effect from today.
From the new price template, Lagos State has the least price of N488 per litre while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
The new NNPCL price template is however applicable only to NNPCL retail outlets
