There are reports that NNPC Retail Management has approved an upward review of the PMS (Premium Motor Spirit) pump price from N617/liter to N897/liter, effective today, September 3, 2024.
The new price directive was said to have been communicated to all stakeholders, including fuel station owners and managers, with instructions to ensure that all pumps, totems (price boards), and Mobile Interactive Devices (MIDs) reflect the new price of N897/liter.
This price increase is expected to have a significant impact on the Nigerian economy, particularly on the transportation sector and consumers who rely heavily on PMS for their daily activities.
However, the Chief Corporate Communications Officer of the NNPC Limited, Femi Soneye told ait.live that he could not confirm the development as at the time of this report.
He said:Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding
The price increment announcement has already sparked concerns among Nigerians, who are bracing themselves for the potential consequences of the price hike, including increased transportation costs, higher prices of goods and services, and a further strain on the country’s economic challenges.
The NNPC Retail Management has also not provided any explanation for the price increase, but industry experts suggest that it may be attributed to various factors, including the recent debt crisis facing the NNPC, fluctuations in global oil prices, and the need to deregulate the petroleum sector.
As the News spreads, many Nigerians are taking to social media to express their concerns and frustrations, calling on the government to intervene and mitigate the effects of the price increase on the economy and citizens.
Editor: Ken Eseni
