CITIZENS COMPASS – Nigerian National petroleum Corporation (NNPC) Limited, has confirmed that the official price of petrol is now N540 per litre.
It said this is as a result of announcement of the removal of subsidy by President Bola Tinubu.
NNPC confirmed this in a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad on Wednesday, May 31, 2023.
It said pump price at its retail stations have been adjusted.
It reads, “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 marketr ealities.
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”.
A walk around Lagos, on Wednesday, revealed that many gas stations were selling at N498, N500, N600 and above.
A visit to Ketu/Ojota to Oshodi, Isolo, Jakande Gate, Ejigbo, Ikorodu, Ikeja and other Lagos metropolies revealed that the pump price have been jacked up.
Meanwhile, transporters have hijacked fares by 109 per cent. For instance, a trip from Oshodi to Ejigbo which used to be N200 has increased to N400.
During the visit, private car owners were seen picking passengers at lower prices.
At Maryland, a car owner Abraham Oyetunde told our Correspondent that he was using this to cudhion the effects of the subsidy removal on his family.
A trip from Maryland to Yaba/Oyingbo which used to be N250 was put at N500 and above.
Our of pity, our Correspondent had to assist some secondary students with cash as many of them were stranded.
Some commercial drivers told our Correspondent that there will be another upward review of fares soon.
Some observers said the price review will bring an increase in prices of goods and services.
