The Nigerian National Petroleum Company (NNPC) Limited increased fuel prices on Wednesday to meet market reality, the Chief Corporate Communications Officer of the firm, Garba Muhammad, revealed.
Muhammad said prices will continue to fluctuate to reflect market dynamics while assuring of ceaseless supply of products by NNPC.
The statement reads: “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.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products. 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 increase in price followed the statement by the NNPC Group Chief Executive Officer, Mele Kyari, who said the Federal Government can’t afford to continue subsidising fuel, as FG has been unable to pay for the subsidy for a while.
Kyari disclosed this on Tuesday, stating that before Muhammadu Buhari transferred power to President Bola Tinubu on Monday, his administration owed NNPC N2.8 trillion.
“Today, we are waiting for them (federal government) to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we can’t continue to build this.
“Since the provision of the N6 trillion in 2022, and N3.7 trillion in 2023, we have not have not received any payment whatsoever from the federation account.
“That means the federal government was unable to pay and we have continued to support this subsidy from the cash flow of the NNPC. That is when we net off our fiscal obligations of taxes and royalties.
“There’s still a balance that we are funding from our cash flow. And that has become very, very difficult and affecting our other operations.
“We are not able to keep some of this cash for investment in our core businesses. And the end result is that it can be a huge challenge for the company and we have highlighted this severally to the government that they must compensate the NNPC by paying the money that we have spent on the subsidy.
“So today, the country does not have the money to pay for the subsidy,” Kyari said.
Also, on Wednesday, a price adjustment list was circulated online, disclosing fuel prices in states within the South were reportedly increased from N189/N194 to N515/N520.
Similarly, prices of fuel in states located in the Northern region was allegedly increased from N189/N194 to N500/N557.
An enquiry sent to the NNPC was not immediately responded to, however, Prime Business Africa noted that some filling stations have started selling petrol at a range between N480/N500.
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