The Nigerian National Petroleum Company Limited has claimed that with time, the current high pump price of premium motor spirit popularly known as fuel will come down.
The NNPCL adjusted its petrol pump price to between N488 and N557 across all the 36 states of the federation and FCT, Abuja on Wednesday, saying that it had adjusted the fuel pump price to reflect the market realities. The NNPCL boss claimed that the move would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum products across the country.
“Therefore, you will see competition, even with NNPC. And by the way, by law, NNPC cannot do more than 30 per cent of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in. Speaking on why fuel stations hiked their pump price when they still had old stock of already subsidised products, Kyari said, “This is the reality of the market. It applies to every commodity and not just petroleum.
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Nigerian Petroleum Company, NNPCL Confirms Releasing Outrageous Fuel Prices, Calls For ‘Understanding’ From Citizens | Sahara Reporters
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Fuel Subsidy Removal: Nigerian Petroleum Company, NNPCL Releases N488 To N557 Fuel Pump Price Per Litre Across 36 States, Abuja | Sahara ReportersFollowing President Bola Tinubu’s announcement of fuel subsidy removal on Monday during his inaugural speech, the Nigerian National Petroleum Company Limited (NNPCL) on Wednesday morning released a list of adjusted pump prices for its mega stations across the 36 states of the federation and the Federal Capital Territory, Abuja. According to the released price list, the new pump price for fuel, also known as premium motor spirit (PMS), ranges from N488 in Lagos State to N557 per litre in Yobe and Borno states, while it is N537 in Abuja.
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Fuel Subsidy Removal: Nigerian Petroleum Company, NNPCL Confirms Adjusted Fuel Pump Prices Of Over N500 Per Litre At Its Filling Stations | Sahara ReportersThe Nigerian National Petroleum Company Limited has announced that it has adjusted its pump prices of premium motor spirit, also known as petrol at its retail outlets across the country to reflect the fuel subsidy removal. In a statement issued on Wednesday by its Chief Corporate Communications Officer, Garba Deen Muhammad, the company said, “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.
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