Following the announcement by Nigeria’s new President, Bola Tinubu, that government subsidy on Premium Motor Spirit PMS has gone for good, the Nigerian National Petroleum Company, NNPC Limited and other Independent Petroleum Marketers have increased the pump prices of their petroleum products across the country to reflect the current reality of subsidy removal.
In a statement issued by the Chief Corporate Communications Officer of NNPC Limited, Garba Deen Muhammad, the new price adjustment is in line with the current market realities.
“As we strive to provide you with the realty services we are known for, it’s pertinent to note that the prices will continue to fluctuate to reflect market dynamics. We assure you that NNPC Limited is committed to ensuring the ceaseless supply of products,’’ he assured.
PRESS STATEMENT
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
— NNPC Limited (@nnpclimited) May 31, 2023
The corporation however expressed regrets over any inconvenience the development may have caused to the citizenry.
The New price regime, which is being implemented across the states shows prices of petrol ranging between 488 Naira to 511Naira per litre in Abuja, Nigeria’s capital city and environs and some States in the North such as Nasarawa, Kogi, Kano, Kaduna, Benue and others.
In some States in the south-west, of Nigeria, such as Osun, Ekiti, and Ondo, the new price of petrol, which was between 184 Naira to 189 Naira per litre is now between 488 – 500 Naira per litre.
For the South-East and South-South States of Enugu, Imo, Delta, Rivers and Ebonyi, the prices of PMS per litre, which was between 184- 189 naira per litre now goes between 515 -520 Naira per litre.
In the North West States, the price of petrol was increased from 194 Naira per litre to 540 Naira per litre while in the North East of Nigeria, the price moved from 199 Naira per litre to 550 Naira per litre.
Recall that the New President Bola Ahmed Tinubu in his maiden address to the nation after he was sworn in as Nigeria’s 16th President and the 6th democratically elected President, said categorically that “since the immediate past administration led by former President Muhammadu Buhari did not make any provision for petrol subsidy in the budget in the second half of the year, the payment for subsidy of petrol is gone for good’’, he announced.
Nigeria National Petroleum Company NNPC Limited, however, welcomed the decision by the Federal Government to remove the subsidy.
The Group Chief Executive officer of NNPC Limited, Mallam Mele Kyari, while addressing Newsmen after President Tinubu’s announcement, said that the removal of the subsidy, which has been a burden on the corporation’s cash flow, will free up funds to enable optimal operations within the company.
Reacting to the scarcity already being experienced, Kyari assured Nigerians of a sufficient supply of the product, adding that NNPC Limited is also monitoring all its distribution networks to ensure compliance.
The regulatory Authority in the oil and gas industry in Nigeria, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the announcement of the removal of subsidy on Premium Motor Spirit PMS by President Bola Tinubu is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
General Manager, of Corporate Communications of NMDPRA, Kimchi Apollo, in a statement issued on Tuesday, said, “We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid supply disruptions, and ensure that consumers are not shortchanged in any form,” he assured.
