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Nigeria’s Petroleum Company Confirms New Pump Price Regime As Nigerians Groan Over the Impact

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By Goodluck Ikiebe

The Nigerian National Petroleum Company Limited has confirmed a new pump price regime.

This was made known on Wednesday through a statement by the Nigerian National Petroleum Company Limited (NNPCL) confirming the new PMS pump price.

“Nigerians should brace up for harder times as the Nigerian National Petroleum Company Limited (NNPCL) has confirmed a new price regime for Premium Motor Spirit (PMS)”, it stated.

NNPCL, in the statement by its Chief Corporate Communications Officer, Garba Deen Muhammad, dated 31 May, 2023, confirmed the new price regime.

It stated in the release, tagged “Adjustment In Pump Price Of PMS”, that the adjustment in the pump price of fuel was in line with current market realities.

The NNPCL could not give any assurance of stability of the new price regime for PMS as it declared: “It is pertinent to note that prices will continue to fluctuate to reflect market dynamics.”

It, however, promised to strive to provide end users of the petroleum product of quality service and ceaseless supply.

“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 statement.

There has been sudden fuel scarcity in several parts of the country following the affirmation by President Bola Tinubu, during his inauguration on Monday, that the fuel subsidy has been removed.

Motorists have since been finding it difficult to get fuel, even as the pump price of the product rose to as high as N650 per litre at some filling stations.

The sudden increment was against an initial understanding that the removal of oil subsidy would be implemented 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 new PMS pump price template was purportedly sent by NNPCL to petroleum marketers.
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.

Some trade unions have kicked against the new pump price regime as efforts are ongoing for talks with the new government on resolving the issue.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

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