Nigerian National Petroleum Company (NNPC) Limited, premium motor spirit (PMS), generally known as gasoline, on Wednesday had its pump pricing modified at all of its retail locations.
In a statement signed by Garba Deen Muhammad, the main corporate spokesperson of the corporation, this was carried out in accordance with market realities.
Since President Bola Ahmed Tinubu announced the withdrawal of subsidies during his inaugural speech on Monday, May 29, 2023, there have been reports of long fuel lines around the nation.
(NNPCL) has jerked up pump prices of petrol (PMS) by over 200 per cent bringing the price of fuel to between N488 and N557 per litre.
However, the state-owned company and oil marketers have said that the scarcity is artificial and the public should desist from panic buying.
“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,” NNPC said.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products,” the statement read. “The company sincerely regrets any inconvenience this development may have caused.”
According to the NNPC, the continued patronage of the people is appreciated and called for their support, and understanding during this time of change and growth.