As the Federal Government affects the removal of subsidy on Premium Motor Spirit (PMS), petrol pump price has risen by over 177 percent.
This was even as the Nigerian National Petroleum Company Limited (NNPCL) announced an adjustment of PMS across its retail outlets in the 36 States of the Federation and the Federal Capital Territory (FCT).
The new pump price which is not uniform took effect on 31st May, 2023.
Currently, the average cost of the petroleum product is now N526/litre.
In a statement signed by the NNPCL Spokesperson, Garba Deen Muhammad, the Company said it adjusted the pump price across its retail outlets, in line with the current market realities.
It said the prices will continue to fluctuate to reflect market dynamics.
“As we strive to provide you the quality service we are known for, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.We assure you that NNPC Ltd. is committed to ensuring ceaseless supply of products.
“The Company sincerely regrets any inconvenience this development might have caused.
“We greatly appreciate your continued patronage, support and understanding through this time of change and growth,” the statement reads.
Meanwhile, in a widely circulated price template from the NNPCL, the new pump price is put between N488 and N557 depending on the State.
For instance at Shafa filling station along Airport Road, Abuja, the product was sold at N540 while motorists have also increased transport fares.
Similarly, since the new price became effective,Nigerian Tribune noticed that fuel queues which started building up on Monday are gradually disappearing as filling stations were now dispensing products.
A Bolt driver, who spoke to the Nigerian Tribune, confirmed to have bought PMS at N540 adding that this has yet to reflect in the ride hailing trip fares.