Nigerian government increases fuel pump price, jettison N194 per litre

The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday approved an upward review in the pump price of petroleum nationwide, which is now vary from one  state  to the other, and now to be sold over the known N194 per litre.

Penpushing reports that the Nigerian National Petroleum Company Limited (NNPCL) made this known in a circular, as confirmed by Chief Corporate Communications Officer, Garba Deen Muhammad, adding that the approval takes effect from Wednesday, 31 May, 2023

The Chief Corporate Communications Officer, Garba Deen Muhammad, in the statement said the company 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’, he said.

“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’, the statement added.

Penpushing further reports that investigation showed that 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 findings also revealed that pump price for Plateau State increased from N189 to N537 per litre, while Kwara State was increased from N189 to N515 per litre, and in Kogi State the pump price was increased from N189 to N537.

Penpushing also reports that in Benue State the pump increased from N189 to N537, Niger State was increased from N189 to N537, Adamawa State increased from N199 to N550 per litre, and Taraba State was increased from N199 to N550 per litre.

The pump price in Bauchi State increased from N199 to N550, Gombe State increased from N199 to N550, and Borno State increased from N199 to N557, while Yobe State was increased from N199 to N557.

Penpushing reports that the pump price in   Kano State increased from N194 to N540, while a litre of petroleum in Kaduna State  was increased from N194 to N540, and Katsina State  from N194 to N540, as well as  Sokoto State increased from N194 to N540.

The findings equally showed that in  Jigawa State it  increased from N194 to N540, in  Kebbi State increased from N194 to N545, while Zamfara  State moved from N194 to N540, and in Abia State it increased  from N189 to N515  with  Imo State  increased from N189 to N515.

Penpushing further reports that Anambra State  was increased from N189 to N520, Enugu State  from N189 to N520, Ebonyi State  increased from N189 to N520, Rivers State  from N189 to N511, Akwa Ibom State from N194 to N515, and Bayelsa State  from N189 to N515.

The investigation showed that in Cross River State it increased from N194 to N511, Edo State from N189 to N511, Delta State from N189 to N511, Lagos State increased from N184 to N488, while in Ogun, Oyo, Osun, Ondo and Ekiti States increased from N189 to N500.

Penpushing also reports that the development comes days after the newly sworn-in President, Asiwaju Bola Tinubu made declaration during his inaugural speech on Monday in Abuja, adding that his administration will put an end to the fuel subsidy regime, declaring 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’, Tinubu said.

Penpushing reports that it is recalled that fuel queues returned to Nigerian cities Monday as many motorists scrambled to get petroleum products hours after the President announced that the government would put an end to the fuel subsidy regime.

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