NNPC announces official increase in petrol pump price
The Nigerian National Petroleum Company (NNPC) Limited has declared an increase in the retail pump price of petrol.
Garba Deen Muhammad, the NNPC spokesman, made this announcement in a statement seen by Peoples Gazette on Wednesday. He said that the increase was in accordance with 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 read.
In the statement, Mr Muhammad said that “prices will continue to fluctuate to reflect market dynamics.”
The development comes just two days after President Bola Tinubu declared that “fuel subsidy is gone.”
President Tinubu had hinted during his inaugural speech that he would immediately stop the fuel subsidy scheme, which was initially billed to be phased out at the end of June by the outgone Muhammadu Buhari regime.
Although the statement did not clearly indicate the new price cap, NNPC’s retail outlets had already started selling at over N500 per liter in Lagos and the Federal Capital Territory (FCT) before the announcement.
Checks by Peoples Gazette on Wednesday showed that retail outlets were selling at N540 per litre in Lagos and N537 per Liter in the FCT.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Army arrests two soldiers over alleged ammunition racketeering
Troops recovered four mobile phones, two empty magazines, an ATM card, a motorcycle and other items.
Heading 4
2027: Moghalu rejects inclusion in ADC presidential campaign council
Mr Abubakar unveiled his council on Thursday, listing Mr Moghalu as a member of its policy team.
Heading 2
Jigawa establishes 135 learning spaces for out-of-school children
He said that 270 facilitators and 20 supervisors had been engaged to provide learning opportunities for children.
Economy
Lagos: Eti-Osa council awards N50 million business grants to 150 residents
Ms Adetoro said the beneficiaries included traders, artisans, small business owners, women, youths and vulnerable residents.
Heading 3
Tinubu awards $7 billion Ogun deep seaport deal to Chagoury-linked DP World MEA
“We are doing more than signing agreements; we are laying the foundation for a new chapter in Nigeria’s development,” Mr Tinubu said.
Africa
Ethiopia, Djibouti presidents commend Dangote’s $660 million pipeline project as game-changer for regional trade, energy security
The Damarjog-Dewele Pipeline Project forms part of Dangote Group’s broader Vision 2030 strategy, under which it plans to invest $50 billion across Africa.
