The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday approved an upward review in the pump price of petroleum nationwide.
This announcement is coming barely 24hours after president Tinubu took over power as President of the Federal Republic of Nigeria.
According to NNPCL, the approval takes effect from Wednesday, 31 May, as communicated in their circular on Wednesday.
The development comes days after the government’s declaration that it will put an end to the fuel subsidy regime.
Fuel queues returned to Nigerian cities Monday as many motorists scrambled to get petroleum products hours after President Bola Tinubu announced that the government would put an end to the fuel subsidy regime.
President Tinubu, on Monday, in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Mr Tinubu said.
According to the circular seen by us the petroleum pump price adjustment for the Abuja pump price was increased from N194 to N537 per litre, while Nassarawa moved from N189 to N537 per Litre.
The pump price for Plateau increased from N189 to N537 per litre, while Kwara was increased from N189 to N515 per litre.
The pump price in Kogi was increased from N189 to N537, Benue increased from N189 to N537, Niger state was increased from N189 to N537, Adamawa was increased from N199 to N550 per litre, and Taraba was increased from N199 to N550 per litre.
The pump price in Bauchi increased from N199 to N550, Gombe increased from N199 to N550, and Borno increased from N199 to N557.
Yobe was increased from N199 to N557, and Kano increased from N194 to N540. A litre of petroleum in Kaduna was increased from N194 to N540, and Katsina from N194 to N540. Sokoto increased from N194 to N540, and Jigawa increased from N194 to N540. Kebbi state moved from N194 to N545. Zamfara moved from N194 to N540. The pump price of petroleum moved from N189 to N515 in Abia, and Imo increased from N189 to N515.
Anambra was increased from N189 to N520, Enugu from N189 to N520 and Ebonyi was also increased from N189 to N520. Rivers from N189 to N511, Akwa Ibom moved from N194 to N515, and Bayelsa from N189 to N515.
Cross River was moved from N194 to N511, Edo from N189 to N511, Delta moved from N189 to N511, and Lagos was increased from N184 to N488, Ogun, Oyo, Osun, Ondo and Ekiti was increased from N189 to N500.
NNPCL speaks
Confirming the adjustment in price on Wednesday, the NNPCL, in a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad, said it had adjusted the pump prices of PMS across its retail outlets in line with current market realities.
“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,” it said.