February 26, 2024

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CEM REPORT, ENERGY | New realities have continued to surface following the complete removal of fuel subsidy.

The Nigerian National Petrol Company (NNPC) Limited have announced an adjustment in its retail pump price of Premium Motor Spirit also known as petrol.

In a statement seen by CEM, the NNPC spokesman, Garba Deen Muhammad, on Wednesday, declared that the retail price of petrol will continue to fluctuate to reflect market dynamics.

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petrol nnpcl boss

Mele Kyari – GMD, NNPCL

“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 NNPCL in the statement did not mention any new price.

Recall that CEM reported that the NNPCL reacting to the statement of President Bola Ahmed Tinubu over the complete removal of fuel subsidy said the fuel subsidy had been a burden on the company’s cash flow.

Group Chief Executive Officer (GCEO), NNPC Ltd, Mele Kyari in the statement, assured sufficient supply of products particularly fuel, adding that the company has over 30 days of petrol storage and supply.

“There is no reason to panic, we understand that people will be scared of potential changes in the price of petrol, but that is not enough for people to rush to buy more than they need,’’ he added.

CEM reports that fuel queues have resurfaced across several parts of the country. Transport fares have seen at least a 50 per cent increase as fuel stations sell products between ₦400 to ₦500 per litre.

Meanwhile, the Trade Union Congress of Nigeria (TUC) asserted that the President cannot decide to remove subsidies unilaterally arguing that there was a good reason the previous administration referred the “sensitive issue” to the incoming administration.

Also, the Nigeria Labour Congress (NLC) protested the elimination of subsidies.

On Channels Television’s Sunrise Daily show, NLC National President Joe Ajaero stated that even if President Bola Tinubu may have good intentions, alternatives must be offered.

He claimed that the President ought to have inquired about the effects of the removal of fuel subsidy on the average Nigerian.

[READ ALSO] Fuel Subsidy Removal Shoots Transportation Cost by 50% Around Lagos

The NLC boss listed the alternatives to include the repair of the nation’s four refineries, and the provision of transportation of alternatives for the Nigerian workers, amongst others.

Meanwhile, the Federal Government representatives were expected to meet with the leadership of the Nigeria Labour Congress (NLC) today (Wednesday) over the planned removal of fuel subsidy.

“Government seems to have shown interest in the discussion. As of last night, they reached out and we have fixed 2 pm today (Wednesday) to commence the discussion,” Ajaero stated.

“There, all other issues will be discussed because you can’t just say there is no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for ₦10 for ₦100 to maximise profit. If there is no more garri, we must find out what to eat.”