The Nigerian National Petroleum Company (NNPC) Limited has officially announced the new price range for Premium Motor Spirit (PMS), commonly known as fuel or petrol.
PulseNets reports that the prices have been fixed at N488 and N555 per litre at the peak, effectively marking the end of the fuel subsidy era.
This decision follows shortly after the newly elected President, Asiwaju Bola Ahmed Tinubu, declared the termination of fuel subsidy in Nigeria.
Earlier, This newspaper highlighted the growing indications of an imminent spike in petrol prices, with a leaked document revealing a troubling retail price of over N500 per litre.
This revelation had thrown the downstream sector of Nigeria’s petroleum industry into confusion.
This newspaper learnt that during a meeting held by NNPC stakeholders on Wednesday morning, it was agreed upon and approved by the management to revise the NNPC PMS pump price table for Mega/Standard/Leased Stations.
Subsequently, all marketers were instructed to adjust the retail prices of petroleum products across different states.
Previously, it was assumed that the fuel price would be determined at a later date. However, the management has now rolled out a new table of retail prices for various geopolitical zones in the country, directing marketers to implement the changes immediately from Wednesday, May 31, 2023.
In an official statement by its Chief Corporate Communications Officer, Garba Deen Muhammad, the management stated, “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.”
As per the revised price schedule, the highest petrol prices will be seen in Maiduguri and Damaturu, where it will be sold at N557 per litre. In the rest of the Northeast zone, the price will be N550 per litre.
Benni Kebbi will witness the highest prices in the Northwest zone, purchasing petrol at N545 per litre. The North Central zone is set to experience an average price of N537 per litre, with the exception of Illorin, where it will be sold at N515 per litre. Consumers in the Southeast region can expect to pay an average of N520 per litre.
With the exception of Uyo and Yenegoa, where petrol will now be priced at N515 per litre, the rest of the Southsouth zone will receive the product at N511 per litre.
Also Read: NNPC supports Tinubu on Fuel Subsidy Removal
Consumers in Lagos will enjoy the lowest price, as petrol will be sold at N488 per litre. The rest of the Southwest zone will have access to the product at N500 per litre.
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