Nigeria’s National Petroleum Corporation (NNPC) says it has adjusted fuel pump prices across the nation with immediate effect.
This comes barely 48 hours after President Bola Tinubu announced that fuel subsidy payments from the government would cease in June.
The statement signed by the Chief Corporate Communications Officer of NNPC, Garba Deen Muhammad, did not indicate how much the price had fluctuated, but local media report it has quadrupled, selling between $1.06 and $1.16 as opposed to $0.40, which had been the official price.
Muhammad, in his statement, said the adjustment is ‘’in line with current market realities. ’’
‘’We sincerely regret any inconvenience this development may have caused,’’ the statement adds.
The head of the state oil firm NNPC on Tuesday assured of a sufficient supply of fuel in the country and blamed motorists for buying "more than what they need".
"We understand people will be scared of potential changes to price of petrol, But that is not enough for people to rush to fuel stations to buy more than what they need. We believe normalcy will resume very soon," Mele Kyari said at a media briefing.
President Tinubu's team explained that the current budget did not provide for fuel subsidy beyond June and accused the media of "mischievously twisting the narrative".
"Tinubu’s government has merely inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act as of June 2023," said Festus Keyamo, who was the spokesman of the presidential campaign.
NNPC says prices will continue to fluctuate to reflect market dynamics.
