Business & Economy
Subsidy Removal: Why We Hiked Fuel Price At Our Retail Outlets – NNPC
Eko Hot Blog reports that the Nigerian National Petroleum Company (NNPC) Limited has revealed the reason for the increase in pump price at its outlets across the country.
Recall that President Bola Tinubu, in his inaugural address on Monday, triggered panic buying across the country after declaring that “fuel subsidy is gone.”
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Despite his administration trying to clean up the statement that the subsidy removal had not taken effect, queues resurfaced and lingered at filling stations across the country.
On Wednesday, NNPC Limited, owned by the Federal Government, joined private marketers to hike the pump price of petrol at its outlets across the country.
While some NNPC outlets are selling at N488 (more than 100% hike), others are selling at up to N511.
An NNPC outlet where fuel price is set at N488
In a statement, the company’s spokesperson, Garba Deen Muhammad, said the national firm “adjusted” pump price at its retail outlets “in line with current market realities.”
“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,” the statement reads.
“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.
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“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”
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