In an announcement made by the Chief Corporate Communications Officer, Garba Deen Muhammad, on behalf of NNPC Limited, it has been officially confirmed that the downstream sector of the Nigerian Petroleum Industry has undergone complete deregulation. As a result, the selling price of petrol has been adjusted to reflect the market price, following the removal of subsidy by President Bola Tinubu. NNPC further stated that the pump prices at their retail stations have been modified accordingly.

The statement read, “NNPC Limited 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.

“As we strive to provide you the quality service we are known for, it is pertinent to
note that prices will continue to fluctuate to reflect market dynamics.

“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.

“We greatly appreciate your continued patronage, support and understanding
through this time of change and growth”.

In less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol skyrocketed to N600 per litre from N195/l in many parts of the country.

As a result of this development, there has been a 100% increase in transportation fares, and fuel stations in major cities and urban areas such as Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi, and others have witnessed the reemergence of long queues.