In a recent development, the National Petroleum Company (NNPC) Limited has officially raised the fuel pump price to over N500 in various regions across the nation.
According to reports from our correspondent, the NNPC station in Abuja has set the fuel price at N537 per litre.
In his inaugural address on Monday, Nigerian President Bola Tinubu made a significant announcement that the country’s petrol subsidy has been eliminated, with no budgetary allocation to support it.
According to Tinubu, the ever-increasing costs of government funding subsidy can no longer be justified in the wake of drying resources.
According to a report by Kemi Ashefon, a document that was accessed on Wednesday morning revealed that there is a disparity in fuel pricing across various regions in Nigeria. The document suggests a significant surge in the official pump price from N184 to over N500.
Garba Deen Muhammad the spokesperson for NNPC, made a statement that the recent hike in petrol price is a response to the prevailing market conditions. This suggests that the removal of petrol subsidy is the reason behind the adjustment.
Muhammad continued; in our pursuit of delivering top-notch service, it is crucial to acknowledge that prices will remain subject to market dynamics and may fluctuate accordingly.
President Tinubu’s speech on Monday triggered an immediate response from citizens who were caught off guard by the sudden fuel scarcity. Long queues were observed at petrol stations across the country, with many unaware of the reason behind the shortage.
On Tuesday morning, reports emerged that several petrol stations were selling fuel for over N400, despite the official pump price remaining at N184. Nigerians are currently experiencing scarcity and panic-buying.
Yakubu Suleiman, a representative of Nigerian petrol marketers also made a statement that, they are in favor of the deregulation of the industry and have taken steps to support it by eliminating subsidies. He further stated that, no country can sustain itself without deregulating its economy.
The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of its unwavering commitment to ensuring an uninterrupted supply of petroleum products.
According to Muhammed, the company expressed deep regret for any inconvenience that may have been caused by this development.
Amidst the ongoing changes and expansion, the establishment expresses its sincere gratitude towards its loyal customers for their unwavering support and understanding.