In a significant development for the nation’s energy landscape, the era of fuel subsidy in Nigeria has reached its culmination, as confirmed by the Nigerian National Petroleum Corporation.
This announcement comes as the corporation officially declares a nationwide hike in petrol prices.
The statement which was signed by the Chief Corporate Communications Officer, Garba Deen Muhammad, read; “ADJUSTMENT IN PUMP PRICE OF PMS
“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.
“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 company sincerely regrets any inconvenience this development may have caused.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”
Information initially obtained showed exclusive figures from a reliable source within the petroleum industry, indicating a significant increase in petrol prices across the country.
According to the information obtained by Guardian Newspaper, petrol prices were set to range between β¦488 and β¦557, depending on the location.
While the new official price, as stated in the document, will be β¦488 in Lagos, it is expected to surge to β¦557 in areas like Maiduguri and Damaturu.
These revelations came amidst the official statement from the Nigerian National Petroleum Corporation to oil marketers.
When these price adjustments take effect as indicated, it would signify a pivotal moment in the nation’s energy landscape.
The impact of such a change would undoubtedly be felt by ordinary citizens, who are already grappling with various economic challenges.
The adjustment in petrol prices is expected to prompt a reevaluation of transportation costs, household budgets, and inflation rates.
