The Nigerian National Petrol Company (NNPC) Limited has confirmed the hike in the pump price of Premium Motor Spirit also known as petrol.
The price adjustment by the NNPC is coming some 48 hours after President Bola Tinubu announced an end to the subsidy era during his inaugural speech at the Eagle Square on May 29, 2023.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N400/litre to as high as N600/litre.
NNPC spokesman, Garba Deen Muhammad, in a statement on Wednesday said the price of the essential commodity has been adjusted its retail outlets nationwide but he did not mention a specific amount.
He said the price per litre of petrol will continue to fluctuate to reflect market dynamics.
PRESS STATEMENT
— NNPC Limited (@nnpclimited) May 31, 2023
ADJUSTMENT IN PUMP PRICE OF PMS
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.
As we strive to provide you with the quality service for which we… pic.twitter.com/sL0tePldqg
“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 partly read.
“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.”
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy beyond June and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The NNPC Group Chief Executive Officer, Mele Kyari at a conference later that Monday welcomed the idea of fuel subsidy removal. Also, the House of Representatives and the Independent Petroleum Marketers Association of Nigeria (IPMAN) backed the President for the “courage” to remove subsidy on petrol.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Also, the Nigeria Labour Congress (NLC) kicked against the removal of subsidy at this time in Nigeria’s history.
NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.
He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
Meanwhile, the Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today (Wednesday) over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” Ajaero stated.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”