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Why We Hike Petrol Price, NNPC Ltd.

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The Nigerian National Petroleum Company Limited, has formally announced the adjustment of the price of Premium Motor Spirit (PMS), popularly called petrol, across its retail outlets, saying that it is “in line with current market realities.”

Garba Deen Muhammad, NNPC Limited Chief Corporate Communications Officer, said this in a statement issued on Wednesday.

This came after media reports had said the company had fixed the price of the petrol at N488 and N555 per litre at the peak.

Muhammed, who did not specify the new price, said, “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,” the NNPC Limited spokesman added.

There had been confusion following unconfirmed reports that the company had fixed the retail price of petrol at over N500 per litre.

New Telegraph had said the decision was arrived at after a meeting of NNPC Limited stakeholders on Wednesday morning.

It said that the company’s stakeholders had a meeting on Wednesday morning and a resolution by the management approved an upward review of the NNPC Limited PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states.

“However, before now, the supposition that the fuel price would be determined at a later time and the new table of retail prices for different geopolitical zones of the country has been reeled out by the management, instructing marketers to effect the changes immediately beginning from Wednesday, May 31, 2023.

“According to a statement obtained from the management to the newsmen, “Please implement meter change as approved, effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network.”

“According to the new price schedule, petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.

“Benni Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Ilorin, where it will sell for N515 per litre. Consumers in the Southeast will buy at an average of N520 per litre.

“Apart from Uyo and Yenegoa, where petrol will now sell at N515 per litre, the rest of the South South zone will get the product at N511 per litre.

“Consumers in Lagos will buy the product at N488 per litre, while the rest of the Southwest zone will get the product at N500 per litre,” it stated.

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