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.