The Nigerian National Petroleum Company (NNPC) Limited has reportedly announced the new prices of Premium Motor Spirit (PMS), commonly known as fuel or petrol.
This decision was made shortly after President Bola Ahmed Tinubu announced the removal of fuel subsidy during his inauguration speech on Monday, May 29.
During a meeting held by NNPC stakeholders on Wednesday morning, the management reached a resolution to adjust the NNPC PMS pump price table for Mega/Standard/Leased Stations.
According to New Telegraph, all marketers have been instructed to modify their retail prices for fuel across different states, with prices set at N488 and N555 per litre at peak times.
The new price schedule, effective from May 31, 2023, indicates variations in petrol prices across different regions.
In Maiduguri and Damaturu, the price will be the highest at N557 per litre, while the rest of the Northeast zone will have a rate of N550 per litre.
In the Northwest zone, Birnin Kebbi will lead with petrol priced at N545 per litre.
The North Central zone will have an average price of N537 per litre, except in Ilorin where it will be sold at N515 per litre.
Consumers in the Southeast will be able to purchase petrol at an average price of N520 per litre.
Within the Southsouth zone, excluding Uyo and Yenegoa, the new price will be N511 per litre.
Meanwhile, consumers in Lagos can expect a price of N488 per litre, with the rest of the Southwest zone having a rate of N500 per litre.
These adjustments reflect the new pricing structure introduced by NNPC and will come into effect immediately, as instructed by the management.
This comes barely 24 hours after NNPC backed Tinubu decision to remove fuel subsidy, assuring Nigerians that the company has over 30 days’ worth of petrol storage and supply.
