Subsidy Removal: NNPC formally announces petrol pump price adjustment After Removal Of Subsidy
Subsidy Removal: According to a press release from the Nigerian National Petroleum Company (NNPC) Limited, premium motor spirit (PMS), generally known as gasoline, has had its pump pricing modified at all of its retail locations.
In a statement penned by Garba Deen Muhammad, the main corporate spokesperson, This was carried out by market realities, according to NNPC Ltd.
Since President Bola Ahmed Tinubu announced the withdrawal of subsidies during his inaugural speech on Monday, May 29, 2023, there have been reports of long fuel lines around the nation.
The public should refrain from panic buying, according to the state-owned firm and oil marketers, who claim that the scarcity is manufactured.
Prices will continue to change as a result of market factors, the NNPC stated, even as it works to give you the high-quality service for which it is renowned.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products,” the statement said. The company expresses its heartfelt sorrow for any trouble this change may have brought about.
The NNPC said it values the public’s ongoing support and requests their patience and understanding as this is a period of growth and change.