By Emmanuel Ogodo
The Nigerian National Petroleum Corporation (NNPC) on Wednesday, May 31 reportedly adjusted the pump price of Premium Motor Spirit (PMS). The development is coming two days after President Bola Ahmed Tinubu made a pronouncement on fuel subsidy removal, during his inaugural speech, after being sworn-in as Nigeria’s 16th president on Monday.
A press statement supposedly signed by Chief Corporate Communications Officer of NNPC Limited, Garba Deen Muhammad, and dated May 31, 2023, read in part, “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.”
Although the press statement does not bear any signatory, reactions have continued to trail the development, especially after it was published on NNPC’s official Twitter handle @nnpclimited.
Recall that the NNPC had earlier supported the president’s decision to remove fuel subsidy. In a press conference in Abuja on Monday, Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL, said “We welcome the decision of Mr. President to announce that the subsidy on PMS is over, and this has really been a major challenge for NNPC’s continued operations. We have been funding subsidy from the cash flow of the NNPC since the government is unable to defer the cost of subsidy that is due to the corporation.
“And we believe that this will be able to free resources for the NNPC to continue to do the great works that this company will do for our country, and it will allow us to function as a very commercial entity, and we welcome this development,” he further said.
A motorist in Abuja, Mr. Ben Umeh said that President Tinubu did not consider the welfare of Nigerians in making his pronouncement. “Look at me, I spent over one hour at the filling station today, just to buy fuel. And it is now above ₦500 per litre. This is not favourable to Nigerians at all.”
A businessman, Audu Umaru also bared his mind. He said, “We know that the price of fuel affects virtually everything we do in this country. Just this afternoon, I spent ₦12,000 to move my goods from the market to my shop. Ordinarily, that wouldn’t have cost me more than ₦5,000. Honestly, government needs to take another look at this decision, to avoid subjecting Nigerians to another round of suffering.
On her part, Faith Jonathan regretted that transportation fare has doubled instantly within Abuja, the nation’s capital. She said, “Just this morning, I paid the usual ₦200 going to the office, but on coming back this evening, the fare had already doubled to ₦400. This fuel subsidy thing will really hit hard on the poor masses.
Reports reveal that the NNPCL now retail fuel at ₦488 in Lagos, ₦511 in Port Harcourt and ₦537 in the FCT.
