Photo: Mele Kyari, NNPC GMD.
NNPC announces new fuel pump prices nationwide
The Nigerian National Petroleum Company (NNPC) Limited has announced new fuel pump prices nationwide pegging the price of Premium Motor Spirit (PMS), popularly known as fuel or petrol, ranging between N488 and N555 per litre in different parts of the country.
The development comes hours after NNPC stakeholders had earlier met on Wednesday morning following President Bola Tinubu announcement of the removal of the government fuel subsidy in Nigeria.
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.
The development confirms the full deregulation of the downstream sector of the Nigerian Petroleum Industry with petrol now selling at market price following the removal of subsidy by President Bola Tinubu.
A statement issued on Wednesday in Abuja by its Chief Corporate Communications Officer, Garba Deen Muhammad, said that the pump price at its retail stations had been adjusted.
The statement reads, “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market realities.
“As we strive to provide you the quality service we are known for, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
“We assure you that NNPC Ltd. is committed to ensuring ceaseless supply of products.
“The Company sincerely regrets any inconvenience this development might have caused.
“We greatly appreciate your continued patronage, support and understanding
through this time of change and growth”.
Before now, there had been speculations that the fuel price would be determined at a later time.
The new table of retail prices reeled out by NNPC in the statement further gives different prices for each geopolitical zone of the country and instructs marketers to effect the changes immediately beginning from Wednesday.
“Please implement meter change as approved, effective today 31st May 2023 and attend to all locations as relate to their area of coverage in our network,” the statement added.
It gives the new price schedule as follows:
Petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.
In the Northwest, customers in Birnin Kebbi will buy petrol at N545 to lead prices in the zone.
In the Northcentral zone, petrol will be selling for 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.
In the Southsouth zone, apart from Uyo and Yenegoa, where petrol will now sell at N515 per litre, customers in other states will buy the product at N511 per litre.
In Lagos, customers will buy the product at N488 per litre, while the rest of the Southwest zone will get the product at N500 per litre.