The Nigerian National Petroleum Company (NNPC) Limited has set the price of Premium Motor Spirit (PMS) aka petrol at between N488, and N555 per litre as its highest point.
This is coming about 48 hours after President Bola Tinubu announced the removal of fuel subsidy in Nigeria.
On Wednesday morning, the NNPC convened a meeting over the matter.
According to a decision made by the management at the meeting, the NNPC PMS pump price table for Mega/Standard/Leased Stations would be revised upward.
The decision instructed all marketers to alter retail prices for the petroleum product across states.
Hitherto, there had been speculations that the fuel price would be determined at a later time.
However, the new template of retail prices for different geopolitical zones of the country has been released by the management instructing marketers to effect the changes with immediate effect beginning from Wednesday, May 31, 2023.
A statement issued by the NNPCL Chief Corporate Communications Officer, Garba Deen Muhammed, reads:
“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.”
Reports say that the price increases have already taken effect at the mega stations of NNPCL.
The new template shows that petrol pump price has been adjusted to N537 in Abuja, N515 in Ilorin, Kwara State capital; N537 in Lokoja, Kogi State capital; N550 in Yola; N557 in Maiduguri; N540 in Kano; N545 in Kebbi, Birnin Kebbi, N500 in Ekiti, Ekiti State and N488 in Lagos State.
The price adjustment took effect today, Wednesday, May 31, 2023.
President Bola Ahmed Tinubu, had in his inaugural address said emphatically the “fuel subsidy is gone”.
However, the presidential pronouncement immediately sparked reactions from oil marketers many of whom have since shut their filling stations.
