On Wednesday, the Nigerian National Petroleum Company (NNPC) Limited officially announced the implementation of a price adjustment for petrol at its retail outlets.
Garba Deen Muhammad, the spokesperson for NNPC, issued a statement clarifying that this adjustment is being made to align with current market conditions.
As a result, the pump prices at NNPC’s retail outlets will now fluctuate to correspond with prevailing market trends. This move reflects a shift towards a more market-driven pricing system for petrol in Nigeria.
“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 oil company expressed its regret for any inconvenience that Nigerians may experience due to this development.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth,” NNPC said.
In line with the characteristics of a subsidy-free regime, this development arises during a period of uncertainty among Nigerians regarding the status of the current petrol subsidy as declared by President Bola Tinubu. There is a question of whether the policy has already ceased or if it will be implemented starting next month.