Nigerians groan as Presidency, NNPCL hike fuel pump price to N555PL

Details of the Tuesday meeting between President Bola Tinubu and the Group Chief Executive Officer of the Nigeria National Petroleum Company limited (NNPCL), Malam Mele Kyari,  has emerged as the company has rolled out template for new pump price per litre nationwide.

Malam Kyari had on Tuesday had a closed door meeting with President Tinubu, following the controversy generated by inaugural speech comment on removal of fuel subsidy.

Template for hike in fuel pump price per litre as categorized according to geopolitical zone effective, 31 May, 2023.

Under the new prices depending on geopolitical zone, a price per litre will not cost less than N488  but will cost at most N555.

The NNPCL has also directed dealers to reflect the new pump price in the respective geopolitical zones effective today, 31 May, 2023, in line with the released price templated.

“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network”, the directive stated.

A statement by Garba Muhammad, Chief Corporate Communications Officer NNPC Limited said as it strives to provide quality service which the company was known for, prices would continue to fluctuate to reflect market dynamics.

“The NNPC Ltd. wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market realities.

“We assure you that NNPC Ltd. is committed to ensuring ceaseless supply of products.

“The Company sincerely regrets any inconvenience this development might have caused,” Muhammad said.

He appreciated the continued patronage, support and understanding of its customers through this time of change and growth.

The sudden increase in pump price per litre contradicted President Tinubu’s explanations of his inuagural speech comment on immediate removal of fuel Subsidy.

He had on Tuesday said that the removal would take effect end of June, 2023, in attempt to allay fears and tempers heightened by acute shortage of fuel and hike in prices by dealers following his inaugural speech comment of fuel Subsidy removal.

Nationwide, following his inaugural speech, queues have returned to the fueling stations. While dealers who are open for operations have hike their pump price up to between N600-N700 per litre, just as most filling stations closed shop.

Commuters nationwide have been stranded as transporters have hiked the fares resulting to chaotic situation just two days on assumption of office by President Tinubu.

Reports indicate that motorists who had queued up overnight for fuel now refused to buy at the newly reflected high pump price per litre.