Home News NNPC Limited confirms petrol price changes contrary to Tinubu recounting subsidy removal is not immediate

NNPC Limited confirms petrol price changes contrary to Tinubu recounting subsidy removal is not immediate

by Business News Report

The Nigeria Labour Congress NLC has described Tinubu’s submission on fuel subsidy as insensitive, adding that “President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope”. Despite Tinubu retraction of his statement that subsidy removal is not immediate, NNPC Limited has gone ahead to adjust petrol prices in line with market realities. The new prices vary by state, with Lagos having the lowest price at N488 per litre compared to Borno and Yobe with the highest price at N557 per litre. NNPC Limited cited the government’s outstanding fuel subsidy payments of over $6 billion as a reason for the price adjustment. The Nigerian National Petroleum Company (NNPC) Limited has just confirmed the change in petrol prices. A press statement released on Wednesday May 31st, 2023, and signed by the NNPC’s Chief Communications Officer, Garba Deen Mohammed, said in parts: “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. 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.” The NNPC did not categorically state what the new petrol prices are in its statement. A template showing new petrol pump prices for all mega, standard, and leased filling stations across all states of the federation. In the template, Lagos petrol consumers are expected to pay the least price at N488 per litre, while those in Borno and Yobe states will pay the highest prices at N557 per litre. 

The new prices according to states are as follows; Abuja, Nasarawa, Plateau, Kogi, Benue, and Niger will pay N537 per litre; Kwara, Abia, Imo, Akwa Ibom, and Bayelsa will pay N515 per litre; Adamawa, Taraba, Bauchi and Gombe will pay N550 per litre; Borno and Yobe will pay N557 per litre; Kano, Kaduna, Katsina, Sokoto, Jigawa, and Zamfara will pay N540 per litre; Those in Kebbi will pay N545 per litre; Anambra, Enugu, and Ebonyi will pay N520 per litre;Rivers, Cross River, Edo, andDelta will pay N511 per liter; Ogun, Oyo, Osun, Ondo, and Ekiti will pay N500 per litre. Lagos will pay N488 per litre. The difference in the the pricing is the cost of bridging which the government was paying to maintain a uniform price across the country. Bloomberg reported that Mele Kyari, the Group Chief Executive Officer of NNPC Limited, told the press that the Nigerian government owes the company over $6 billion in fuel subsidy payments. He said the company cannot continue to sustain the payments for fuel subsidy as it is eating deep into its resources.  

Part of the NLC statement titled “do not dare the people”, read “we at the Nigeria Labour are outraged by the pronouncement of President  Bola Tinubu removing ‘fuel subsidy’ without due consultations with critical stake holders or without putting in place palliative measures to cushion the harsh effects of the ‘subsidy removal. Within hours of his pronouncement, the nation went into a tailspin  due to a combination of service  shut downs  and product price hike, in some places representing over 300 per cent price adjustment. By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope. He equally devalued the quality of their lives by over 300 per cent and counting. It is no heroism to commit against the people this level of cruelty at any time, let alone on an inauguration  day. If he is expecting  a medal for taking this decision, he would certainly be disappointed to receive curses for the people of Nigeria consider this decision not only a slight but  a big  betrayal. On our part, we are staunchly opposed to this decision and are demanding and immediate withdrawal of this policy. The implications of this decision are grave for our security and well-being

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