The Nigerian National Petroleum Company Limited, on Wednesday, confirmed that the pump prices of petroleum motor spirit, popularly called petrol, have been increased nationwide.

The development was confirmed by NNPCL’s Chief Corporate Communications Officer, Garba Deen Muhammad, hours after the new pump price template of over N500/litre surfaced on social media.

WuzupNigeria reports that the new price of over N500/litre was determined after the artificial fuel scarcity and hoarding caused by panic-buying following the announcement of the removal of fuel subsidy by President Bola Tinubu on Monday during his swearing-in ceremony at the Eagles Square, Abuja.

Confirming the new price adjustment, NNPCL said, “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.”