Breaking: Petrol Sells Above N500 Per Litre as NNPC Confirms Change in Pump Price

Pat Stevens/

The Nigerian National Petroleum Company Limited (NNPC Limited) has formally announced adjustments in the pump price of Premium Motor Spirit (PMS), popularly known as petrol.

This followed the announcement by President Bola Tinubu, in his inauguration speech, on Monday, that Federal Government would no longer subsidise the cost of petrol.

NewsmakersNG gathered that filling stations operated by NNPC Limited are now selling petrol at the rate of N511 per litre.

The development was confirmed by Garba Deen Muhammad, Chief Corporate Communications Officer of NNPC Limited, in a statement shared on the corporation’s official Twitter handle.

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.”

Meanwhile, oil marketers have confirmed the hike in the pump price of petrol to over N500 per litre depending on the location of purchase.

A document that allegedly emanated from the NNPC Limited, according to marketers, which contained figures that were described as the “Current NNPC Pump Price”, and “New Pump Price Per May 31, 2023,” of petrol, showed that the latest cost of PMS in various states and the Federal Capital Territory.

Figures in the document indicated that while the cost of petrol in Borno State was put at N557 per litre, the prices in Lagos, Abuja, Enugu and Ekiti were outlined as N488 per litre, N537 per litre, N520 per litre, and N500 per litre respectively.

Although officials of NNPC Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority kept mute about the document when contacted, oil marketers have confirmed that the document was authentic.

The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, today, confirmed the document as true, which implied that the cost of petrol had been increased to over N500 per litre in various states by the NNPC Limited.

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