Breaking: Tinubu has increased Petrol price – NNPC confirms

NNPC Limited has confirmed the full deregulation of the downstream sector of the Nigerian Petroleum Industry, with petrol prices now fluctuating according to market dynamics.

This follows the removal of fuel subsidies by President Bola Tinubu’s administration, a significant economic shift.

Garba Deen Muhammad, the Chief Corporate Communications Officer for NNPC, issued a statement on Wednesday, indicating that pump prices at NNPC’s retail stations have been adjusted in line with current market realities.

The statement reads: “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market realities. As we strive to provide the quality service we are known for, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.”

Muhammad further assured customers that NNPC is committed to ensuring a ceaseless supply of products despite these adjustments. He expressed regret for any inconvenience the new development might cause and appreciated customers for their continued patronage, support, and understanding during this time of change and growth.

In Abuja City centre and surrounding areas, petrol prices have seen a noticeable increase following this announcement. While NNPC retail stations have raised their prices from N195 per litre to N537 per litre, major and independent marketers are reportedly dispensing petrol at N540 per litre. This signifies the new landscape of fuel pricing in Nigeria following the end of government fuel subsidies.