Amid raging controversies and consumers’ anger over the timing of the fuel subsidy removal by the government and resurfacing of queues in filling stations nationwide, the Nigerian National Petroleum Company Limited (NNPCL), the biggest player in the petroleum industry’s downstream sub-sector, on Wednesday announced the official adjustments of its pump price for Premium Motor Spirit (petrol) across its filling stations nationwide.
The new fuel pump prices released by the company reflected over 200 per cent increase with the least price of N488 per litre in Lagos, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
The company’s public confirmation of the adjusted pump prices came barely 48 hours after the new President, Bola Ahmed Tinubu, told Nigerians in his inaugural address that the fuel subsidy regime would be discontinued and following which queues were witnessed in petrol stations in the country.
The company’s Group General Manager, Group Public Affairs, Garba Deen Mohammed, in a statement on the price adjustment by the management confirmed: “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.
“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”, Mohammed added.
Prior to the announcement, there were reports that the NNPCL’s Group Chief Executive, Mele Kyari, would hold a meeting with President Tinubu on Wednesday ostensibly to discuss on the prevailing fuel crisis situation in the country and chart a feasible way forward.
Similarly, the President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, had when he appeared in Channels TV programme early Wednesday morning hinted of plans by the labour group to meet with the President on the fuel subsidy issue.
The labour leader said: “Government seems to have shown interest in the discussion. As of last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion.
“There, all other issues will be discussed because you can’t just say there is no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat”, Ajaero added.
