The Nigerian National Petroleum Company Limited (NNPC) has announced the adjustment of the pump price of Premium Motor Spirit (PMS) by nearly 200% to between N488 and N557 nationwide.
This was made known in a press statement issued today, May 31, 2023, and signed by Garba Deen Muhammad, the Chief Corporate Communications Officer of the NNPC.
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”.
This announcement followed the removal of fuel subsidies by President Bola Tinubu during his inaugural address on Monday.
While motorists and other PMS users continue to lament the unprecedented hike in the price of the product, the NNPC, as reported by Chronicle NG, has stated that “Nigeria can no longer afford fuel subsidy.”.
