TheCable

The Nigerian National Petroleum Company (NNPC) Limited says it has adjusted the price of petrol, also known as premium motor spirit (PMS), across its retail outlets.

In a statement on Wednesday, Garba Deen Muhammad, NNPC’s spokesperson, said the adjustment is in line with market realities.

According to the statement, pump prices at NNPC’s retail outlets will now begin to vary to match market trends.

PRESS STATEMENT

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ADJUSTMENT IN PUMP PRICE OF PMS

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… pic.twitter.com/sL0tePldqg

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— NNPC Limited (@nnpclimited) May 31, 2023

“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,” the statement reads.

“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 oil company said it regrets any inconvenience the development may cause Nigerians.

“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth,” NNPC said.

The development, typical of a subsidy-free regime, comes at a time when Nigerians are uncertain as to whether the current petrol subsidy has ended as declared by President Bola Tinubu, or whether the policy would take off next month.

TheCable had reported that petrol was sold for as high as N500 in Lagos on Tuesday.

Although Tinubu had said petrol subsidy had stopped, the Asiwaju Bola Ahmed Media Centre says the president’s statement was not a new development but a restatement of the federal government’s intention to end subsidy by June.