The Nigeria National Petroleum Corporation, NNPC, Limited, has pegged the pump price of petrol between N488 and N537 per litre, in an effort to fully deregulate the downstream oil sector of the country.
The upward adjustment of the pump price of petrol is coming just two days after President Bola Tinubu announced the removal of fuel subsidy, during his Inauguration speech in Abuja.
Explaining the upward adjustment is in line with best global market trend, NNPC in a statement by its Chief Corporate Communications Officer, Garba Muhammad, on Wednesday, said the prices would continue to fluctuate, to reflect global market dynamics and the removal of subsidy on the product sales across the country.
As gathered, the new market price across NNPC retail outlets ranged between N488 and N537 per litre against N195 per litre it was sold before President Tinubu’s announcement of subsidy removal.
However, major and independent marketers now dispensed fuel at N540 per litre to reflect the need for adjustment.
According to the statement, 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”.