The Nigerian National Petrol Company (NNPC) has officially announced an increase in petrol prices following President Bola Tinubu’s declaration of an end to subsidies.

Mele Kyari, the first group CEO of NNPC, explained that the price hike is a result of market dynamics and emphasized the positive impact it will have on fostering competition within the industry.

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Kyari stated that current prices at NNPC stations reflect prevailing market rates and urged Nigerians to appreciate that the price has not reached N1000 per litre.

The removal of the subsidy regime opens opportunities for new players, limiting NNPC’s market share to 30 percent.