Latest NNPC News Regarding Petrol Pump Price Increase For Today, 6 October 2023

The Nigerian National Petroleum Company Limited (NNPCL) has put to rest the speculations surrounding a potential increase in the pump price of petroleum. In a statement released via its official platform, the NNPCL assured customers that it has no intention of raising petrol pump prices, as widely rumored.

This announcement comes as a relief to many, as there had been concerns and apprehensions about the possibility of the petrol pump price surging from the current N617 per litre to over N700. The NNPCL sought to allay these fears and reaffirmed its commitment to providing quality petroleum products at affordable prices through its NNPC Retail Stations nationwide.

The issue of petrol pump prices in Nigeria has been a subject of discussion for several months, primarily due to the removal of petroleum subsidies, which aimed to allow market forces to determine fuel prices. President Bola Tinubu had officially announced the removal of the fuel subsidy in his inaugural address on May 29th, which marked a significant shift in the country’s fuel pricing mechanism.

Following the removal of the subsidy, the NNPCL initially directed its outlets to sell fuel within the range of N480 to N570 per litre, marking a nearly 200 percent increase from the previous price of below N200. This sudden spike in fuel prices had a cascading effect, leading to increased transportation fares and higher prices for various goods and services.

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In July, petrol pump prices further rose to N617 per litre at various NNPCL outlets in Abuja and across Nigeria. The NNPCL attributed these price fluctuations to ‘market forces,’ emphasizing that the deregulation of the oil sector allowed market realities to dictate fuel prices.

Mele Kyari, the NNPCL Group Chief Executive Officer, explained during a press conference that the market was now responsible for adjusting fuel prices according to supply and demand dynamics. This approach, he said, aimed to ensure that the market regulates itself, resulting in both price increases and decreases as dictated by the prevailing circumstances.

In conclusion, the NNPCL’s recent announcement regarding the petrol pump price should provide some relief to consumers. While the volatility in fuel prices remains a concern, the NNPCL remains committed to providing affordable and high-quality petroleum products. As the Nigerian petroleum sector adapts to market-driven pricing, consumers can expect ongoing fluctuations in petrol pump prices based on market dynamics.

Source: Premium Times Nigeria

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