• Wednesday, June 12, 2024
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BusinessDay

Subsidy: NNPC formally announces petrol pump price adjustment

NNPC denies inflating fuel subsidy by N3.3 trillion

The Nigerian National Petroleum Company (NNPC) Limited has adjusted the pump prices of premium motor spirit (PMS) also known as petrol across its retail outlets, the company said in a release.

According to the statement signed by Garba Deen Muhammad, chief corporate communications officer of

NNPC Ltd, this was done in line with current market realities.

There have been reports of long fuel queues across the country since the announcement of subsidy removal by President Bola Ahmed Tinubu during his inaugural speech on Monday, May 29, 2023.

Read also: Subsidy: NNPC sells petrol in Lagos for N488 and N537 in Abuja, PH N511

However, the state-owned company and oil marketers have said that the scarcity is artificial and the public should desist from panic buying.

“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,” NNPC said.

“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products,” the statement read. “The company sincerely regrets any inconvenience this development may have caused.”

According to the NNPC, the continued patronage of the people is appreciated and called for their support, and understanding during this time of change and growth.