NNPC CONFIRMS INCREASE IN PUMP PRICE OF PMS

The Nigerian National Petrol Company Limited has confirmed it adjusted pump prices of Premium Motor Spirit known better as petrol across the country.

In a statement issued on Wednesday and signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the adjusted pump price was in line with “current market realities”

Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol skyrocketed to N600 per litre from N195/l in many parts of the country.

The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.

Tinubu had in his inaugural address at the Eagle Square on Monday pronounced with finality an end to subsidy, noting that the 2023 Appropriation Act did not provide for petrol subsidy beyond June; the end of the 18-month extension period approved by the Muhammadu Buhari administration for the discontinuance of the subsidy regime.