EconomyNewsNigeriaPoliticsRemoval of petrol subsidy: NNPC adjusts pump price of petrol to reflect ‘market realities’

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

In a press statement on Wednesday, Garba Deen Muhammad, the chief corporate communications officer of NNPC Ltd, said the adjustment is in line with market realities.

Recall that President Bola Tinubu in his inaugural address on Monday had announced the removal of the petrol subsidy, saying that his administration will re-channel the funds earlier earmarked for the payment of petrol subsidies to the provision of infrastructure, education, health care and jobs.


The announcement triggered fuel scarcity and price gouging all over Nigeria resulting in endless queues at various petrol stations across the country.

In its press release on Wednesday, NNPC Ltd says that the adjusted pump price of petrol is not fixed as it is expected to fluctuate to reflect market dynamics.

The statement reads: “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.”

The announcement came hours after an unverified list showing the new pump price of petrol which takes effect from Wednesday, May 31, 2023, had gone viral.

Meanwhile, Mele Kyari, Group Chief Executive Officer, NNPC Ltd, during a press conference on Tuesday, had backed the President’s initiative to remove subsidies on petrol.

Kyari noted that the removal of the subsidy, which has been a burden on NNPC Ltd’s cash flow, will free up funds to enable optimal operations within the company.

By Ezinwanne Onwuka (Senior Reporter)

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