Subsidy Removal Takes Effect As Major Marketers Sell At N540 Litre, NNPCL Outlets N437, N600 At Black Market

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As marketers in the Federal Capital Territory (FCT) and Nassarawa State sell petrol at N540 litre, Nigerian National Petroleum Company Limited (NNPCL), has confirmed the full deregulation of the downstream sector of the Nigerian petroleum industry with petrol now selling at market price following the removal of subsidy by President Bola Ahmed Tinubu.

NNPC, in a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad on Wednesday, said pump price at its retail stations have been adjusted.

The statement titled “Adjustment In Pump Price Of PMS” 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 market realities.

“As we you 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”, the statement concluded.

While NNPCL retail outlets have raised their prices to N537 per litre from N195 per litre, major and independent marketers dispensed at N540 per litre in parts of the FCT and Nasarawa State.

Findings by the The Street Reporters Newspaper shows that black marketers are selling at N600 per litre.

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