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Hardship coming for Nigerians, as NNPC announces new fuel pump price



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It seems Nigerians will face hardship in the months to come as the Nigeria National Petroleum Corporation Limited (NNPCL) on Wednesday announced an upward adjustment in the pump prices of petroleum products around the country.

The corporation in a circular said the new price regime takes effect from May 31, 2023.

The NNPCL has adjusted the price of Premium Motor Spirit (PMS) to hit as much as N500 per litre.

In the statement Chief Corporate Communications Officer, NNPC Limited, Garba Muhammad, said the increase in fuel price was reached to meet new market reality.

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.

READ ALSO:Nigerian govt owes NNPCL N2.8tr in fuel subsidy payments – Kyari

“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 NNPC price adjustment statement reads.

Meanwhile, Ripples Nigeria gathered some filling stations, including NNPC retail outlet, in some areas in Ogun State, have started selling a litre of fuel between N480 and N500.

This corresponds with a price adjustment list currently circulating online, which shows that a litre of fuel was increased from N189/N194 to N557 in Northern states. In the South, the pump price was raised from N189/N194 to N520.

The new price regime will no doubt usher in a new season of hardship for Nigerians, as it will most likely affect cost of living which is already biting hard on most Nigerians.

The new president, Bola Tinubu had during his inauguration on Monday stated that “subsidy is gone”, signifying that government would no longer pay the difference between the landing price of petrol, and the retail price at the pump.

The Muhammadu Buhari administration had stated before its end that subsidy on fuel products would not last later than June this year.

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