A visit to the NNPCL Retail outlet in Jos, Abuja on Tuesday morning revealed that the price per litre has been adjusted from the N537 it sold on Monday to N617 naira on Tuesday morning.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday said oil marketers have commenced the importation of Premium Motor Spirit (petrol).

This comes seven full weeks after President Bola Tinubu’s May 29 inaugural address, during which he declared that “fuel subsidy is gone”.

With this latest development, the monopoly of the Nigerian National Petroleum Company (NNPC) Limited comes to an end.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, made the revelation on Monday during a stakeholder engagement in Lagos.

Of the 56 oil marketing companies that applied for and obtained licences, 10 indicated the ability to import in the third quarter of 2023, while three had “landed cargo”, the CEO said.

Ahmed listed the three companies currently importing the product to include, A.Y. Ashafa, Prudent Energy, and Emadeb, adding that others would import between August and September 2023.

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It stated that the pump price reduction, which was expected to take effect at all filling stations and outlets from April 1, 2020, was timely and in best interests of the people and that such measures would ensure increased ease in living conditions and working conditions for residents in the country.

The Petroleum Products Pricing Agency (PPPRA) reiterated that government expected total compliance by all petroleum marketers and retail stations, and added that ongoing plans for effective monitoring and enforcement of directives were already being put in place ahead of the new price’s April 1 commencement date.

Speaking in a statement released to newsmen on Tuesday in Abuja, the regulatory agency explained that the federal government was interested in the well being of its people, and in ensuring easier lives for them, and that to such effect, it was set to work in partnership with enforcement agencies to ensure nationwide acceptance of the reviewed pump price and that monitoring would be continuously carried out with aim to ensure that Nigerians bought PMS at the stipulated N123.50 pump price rate.

The agency urged oil marketing companies to implement the recommended price change immediately so as to avoid sanctions which would come on defaulting organisations or outlets, and assured Nigerians of its commitment to ensuring that petroleum products were sold at the best possible prices to the people.

It reassured Nigerians of government drive to ensure product availability in all states of the federation, including the three states under curfew, and that there was no cause for product hoarding or panic buying, advising Nigerians to desist from such actions.

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