Just in: Nigeria’s NNPC reveals new fuel price 3 days after Tinubu’s swearing-in
The Nigerian National Petroleum Company (NNPC) Limited today unfolds a new price regime for the Premium Motor Spirit (PMS) popularly known as fuel or petrol which differs across the states.
The new regime is over 195 percent increase to the price before the new president at the swearing-in announced the immediate removal of subsidy on petrol.
The price now ranges from N488 and N555 per litre at the peak.
It was gathered that NNPC stakeholders met on Wednesday morning. A resolution of the meeting by the management approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations instructing all marketers to adjust retail prices for the petroleum product across states.
Before now, there had been speculations that the fuel price will be determined at a latter time. However, the new table of retail prices for different geopolitical zones of the country has been reeled out by the management instructing marketers to effect the changes with immediate effect beginning from Wednesday, May 31, 2023.
The statement read, “Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network,” a statement of the management obtained by Vanguard reads.
According to the new price schedule, petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.
Birnin Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Illorin, where it will sell for N515 per litre. Consumers in the Southeast will buy at an average of N520 per litre.
Besides Uyo and Yenegoa where petrol will now sell at N515 per litre, the rest of the South-south zone will get the product at N511 per litre.
The N488 in Lagos is however the cheapest in the new prices rolled out by the NNPC.
Meanwhile this may put the new regime at a logger head with the Organised Labour who presently has accused the new president of not consulting with stakeholders before his pronouncement on the subsidy removal.
